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The Economy Hits A Brick Wall (CHART)

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Newscom

Here's how the revisions look in chart form:

Just because job growth appears to have fallen off a cliff, though, doesn't mean it can't rebound.

"We don't view the deceleration in employment over the past couple of months as the leading edge of a more pronounced and general weakness as it follows several months of stronger growth; some of the deceleration likely reflects payback from weather effects that boosted employment last winter," wrote analysts at Macroeconomic Advisers. In other words, the warm winter artificially inflated employment at the end of 2011 and beginning of 2012, and we're now on the other side of it. They also note that slowing economic growth around the world, and the euro zone crisis threaten growth in the U.S., but that falling energy prices will leave consumers with more disposable income, which could boost economic growth.

About The Author

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Brian Beutler is TPM's senior congressional reporter. Since 2009, he's led coverage of health care reform, Wall Street reform, taxes, the GOP budget, the government shutdown fight and the debt limit fight. He can be reached at brian@talkingpointsmemo.com