What Happened?
A number of stocks fell in the afternoon session after the Bureau of Labor Statistics revealed that the economy added significantly fewer jobs than previously reported over the last year.
The U.S. Bureau of Labor Statistics (BLS) issued a preliminary benchmark revision indicating that nonfarm employment was overstated by 911,000 jobs for the 12 months ending in March 2025. This routine but significant adjustment suggests the labor market has been considerably weaker than initial monthly reports suggested.
Such a large downward revision can be a key indicator of a cooling economy. For investors, this news is mixed; while a slowdown could prompt the Federal Reserve to consider interest rate cuts, it also heightens concerns about a potential recession. The report noted that the professional and business services and manufacturing sectors saw notable downward revisions, signaling specific areas of weakness.
JPMorgan Chase CEO Jamie Dimon added that the U.S. economy is "weakening," though he stopped short of predicting a recession. "Whether it's on the way to recession or just weakening, I don't know," he said. Dimon's remarks are closely watched, given his influence as head of one of the nation's largest banks.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
- Specialized Technology company Mirion (NYSE: MIR) fell 3.4%. Is now the time to buy Mirion? Access our full analysis report here, it’s free.
- Business Process Outsourcing & Consulting company TaskUs (NASDAQ: TASK) fell 3%. Is now the time to buy TaskUs? Access our full analysis report here, it’s free.
- Office & Commercial Furniture company Interface (NASDAQ: TILE) fell 3%. Is now the time to buy Interface? Access our full analysis report here, it’s free.
- Specialized Technology company Arlo Technologies (NYSE: ARLO) fell 3.3%. Is now the time to buy Arlo Technologies? Access our full analysis report here, it’s free.
- Industrial & Environmental Services company Driven Brands (NASDAQ: DRVN) fell 3.3%. Is now the time to buy Driven Brands? Access our full analysis report here, it’s free.
Zooming In On Mirion (MIR)
Mirion’s shares are somewhat volatile and have had 14 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 4 days ago when the stock gained 5.3% on the news that the company announced it is set to join the S&P SmallCap 600 index. The radiation detection systems provider will replace GMS Inc., which was recently acquired by Home Depot, with the change becoming effective before the market opens on Tuesday, September 9. Inclusion in a major stock index is often seen as a positive development because it forces index-tracking funds, such as mutual funds and ETFs, to purchase the company's shares to properly reflect the index's composition. This creates automatic buying pressure.
Mirion is up 29.4% since the beginning of the year, and at $21.90 per share, it is trading close to its 52-week high of $22.90 from September 2025. Investors who bought $1,000 worth of Mirion’s shares 5 years ago would now be looking at an investment worth $2,106.
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