Nonfarm payroll growth revised down by 818,000, Labor Department says [View all]
Source: CNBC
Published Wed, Aug 21 2024 10:37 AM EDT Updated 12 Min Ago
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 this year.
The revision to the total payrolls level of -0.5% is the largest since 2009. The numbers are routinely revised each month, but the BLS does a broader revision each year when it gets the results of the Quarterly Census of Employment and Wages. Wall Street had been waiting for the revisions numbers, with many economists expecting a sizeable reduction in the originally reported figures.
Even with the revisions, job creation during the period stood at more than 2 million, but the report could be seen as an indication that the labor market is not as strong as the previous BLS reporting had made it out to be. That in turn could provide further impetus for the Federal Reserve to start lowering interest rates.
Read more: https://www.cnbc.com/2024/08/21/nonfarm-payroll-growth-revised-down-by-818000-labor-department-says.html
Article updated.
Previous articles -
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.
Wall Street had been watching the numbers closely, with many economists expecting a sizeable reduction in the originally reported numbers. Even with the revisions, job creation during the period stood at more than 2 million, but the report could be seen as indication that the labor market is not as strong as the previous BLS reporting had made it out to be.
At the sector level, the biggest downward revision came in professional and business services, where job growth was 358,000 less. Other areas revised lower included leisure and hospitality (-150,000), manufacturing (-115,000) and trade, transportation and utilities (-104,000). Within the trade category, retail trade numbers were cut by 129,000.
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.
Wall Street had been watching the numbers closely, with many economists expecting a sizeable reduction in the originally reported numbers. Even with the revisions, job creation during the period stood at more than 2 million, but the report could be seen as indication that the labor market is not as strong as the previous BLS reporting had made it out to be.
This is breaking news. Please check back for updates.
Original article -
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.
This is breaking news. Please check back for updates.
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