Federal Reserve Governor Cook: The revision of nonfarm payroll data may indicate a turning point in the US economy.

Federal Reserve Board member Lisa Cook called the July employment report "concerning" and suggested that this could signal a turning point for the US economy. Cook stated during a discussion at the Boston Fed on Wednesday, "These revisions are somewhat characteristic of turning points." Data released last week showed a sharp cooling in the labor market in recent months. According to a report from the US Bureau of Labor Statistics, nonfarm payroll employment increased by 73,000 in July, with the data from the previous two months being revised down by nearly 260,000. The unemployment rate rose slightly from 4.1% in June to 4.2%.