Not to be a Doomer but the last time I recall a revision around this magnitude was during the GFC[1].

   Summary of the benchmark revisions The March 2009 benchmark level for total  nonfarm employment is 131,175,000; this figure is 902,000 below the sample-based estimate for March 2009, an adjustment of -0.7 percent. Table 1 shows the total nonfarm percentage benchmark revisions for the past ten years.

Another GFC during a "cold war" with China and Russia? Great, just great.