According to The Kobeissi Letter, new BLS data released Wednesday shows that the number of year-over-year private job gains in 2024 was likely overstated by 907,000 jobs. The Quarterly Census of Employment and Wages (QCEW), which covers 97% of U.S. employers, revealed this significant overstatement, raising concerns about the accuracy of recent job market statistics (source: The Kobeissi Letter, June 6, 2025). This discrepancy could impact market sentiment and investor confidence, potentially increasing volatility in both traditional equities and crypto markets as traders reassess economic strength based on revised employment data.