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The US economy created 818,000 fewer jobs over the past 12 months than originally thought according to the Labor Department.
The revision period is only through March 2024.
The U.S. economy created 818,000 fewer jobs than originally reported in the 12-month period through March 2024, the Labor Department reported Wednesday.
As part of its preliminary annual benchmark revisions to the nonfarm payroll numbers, the Bureau of Labor Statistics said the actual job growth was nearly 30% less than the initially reported 2.9 million from April 2023 through March of the following year.
This might put more pressure on the Federal Reserve to cut rates.
While Wednesday’s preliminary revision won’t change the existing monthly employment data for now, it serves as another critical gauge for the overall health and activity of the US labor market. Job growth has dropped off more than expected in recent months, making for an even more tenuous situation for the Federal Reserve and its weighing of interest rate cuts.