The 0.5 percent decrease from what the Labor Department first reported exceeds the typical increase or decrease of 0.1 percent. 

Experts were bracing for a sizeable annual revision, as economists at Goldman Sachs forecasted a decline of up to 1 million jobs. 

Wednesday’s revision — the largest since 2009 — could fuel concerns that the Federal Reserve may be behind on cutting interest rates. 

Interest rates have remained at a 23-year high for more than a year as the central bank aims to bring inflation in line with its 2 percent target. 

In July, inflation dipped below 3 percent for the first time since the pandemic.  

The Fed is expected to cut rates at its meeting in September. 

The large downward revision comes as Vice President Harris works to craft a winning message on the economy. 

President Biden struggled to overcome attacks on his handling of the economy and inflation, which peaked at a pandemic-induced 9 percent in June 2022. 

While the Fed is a politically independent body that does not take direction on interest rates from the president or any other elected official, Americans have felt the weight of higher prices — and higher borrowing costs aimed at bringing down those prices. 

Former President Trump and Republicans have bludgeon Democrats on these issues ahead of the November election. 

While Harris is leading Trump by 3 points in the polls, according to polling analysis by The Hill and Decision Desk HQ, Trump retains an edge when it comes to the economy. 

A new ABC News/Washington Post/Ipsos poll found Trump leading by 9 points in trust to handle the economy and inflation, which is top of mind for a large majority of Americans. 

The Hill’s Taylor Giorno has more here.