Watch the employment numbers carefully. Throughout 2025, all 11 monthly jobs reports have been revised downward—totaling 624,000 fewer jobs than initially reported. That's an average of roughly 57,000 job cuts per report. Even Friday's November figure got trimmed: what was announced as 56,000 new positions got marked down to 48,000 after revision. The pattern is clear. Each month brings fresh downward adjustments to the prior month's data. This matters for market watchers because softer labor data typically pressures asset prices and shapes Fed policy expectations. When employment cools this consistently, it usually signals headwinds building in the broader economy.