U.S. labor market is much weaker than previously thought, a Bureau of Labor Statistics (BLS) report revealed. U.S. employers added 73,000 jobs in July, far fewer than the 104,000 that economists expected. More alarmingly, the report suggested that job growth was markedly weaker in May and June than the government had previously believed. The BLS always revises its estimates of monthly employment gains, once more data becomes available. Usually, these updates do not fundamentally change the labor market outlook. This time, they did.