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The U.S. economy created 818,000 fewer jobs over the past 12 months than initially thought, according to the Labor Department.
The revision period will last until March 2024.
The U.S. Labor Department said Wednesday that the U.S. economy added 818,000 fewer jobs in the 12 months ending in March 2024 than initially reported.
As part of its interim annual base revision of nonfarm payroll numbers, the Bureau of Labor Statistics said the actual employment gain from April 2023 to March of the following year was nearly 30% lower than the 2.9 million initially reported.
This could put further pressure on the Federal Reserve to cut interest rates.
Wednesday’s provisional revision leaves the existing monthly employment report unchanged for now, but it provides another key gauge of the overall health and activity of the U.S. labor market. Job growth has slowed more than expected in recent months, making the Federal Reserve’s consideration of interest rate cuts more precarious.
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