The U.S. just admitted to overstating job growth by 911,000, marking the largest payroll revision in history. For over a year, monthly gains were reported at 147,000 jobs, but the true number was only 71,000. Retail, hospitality, manufacturing, and professional services all saw major cuts, while only transportation and utilities showed slight gains. The S&P dropped on the news, and traders are now expecting a Fed rate cut this fall.