Given the sheer size of this update, I think it will be revised downward significantly. Assuming for a second this number is correct, I think it bodes ill for the economy going forward. Productivity and wages would have to be revised downward significantly. The economy wasn't really stronger. Economic strength is not merely equal to the number of people employed but also what those people are paid. If we were all slaves (and thus working), that does not mean the economy would be great.
A revision downward to something like ~500K mutes the impact of this number. Large adjustment, yes but it merely means the economy was on the better side of ok though productivity takes a hit.. Makes the soft landing scenario more likely though still not likely in my opinion.
I wonder if Katrina is still messing with the numbers. If it isn't that, is this a permanent change in the job market? Are these statistics accurate?
The question is... Are we flying blind?