More recently, researchers McKnight and Todd examined a portfolio of European stocks and found that the 20 % with the highest
net upward revisions outperformed the lowest 20 % by over 16 % a year.
Upward revisions for August and September showed that there were 110,000 fewer jobs lost in those months than previously reported — although the
net change was still a loss of 42,000 jobs for the two months.