Soviet America: The Democrats lie as the norm now, each time they release important data.
Recent data from the Bureau of Labor Statistics (BLS) reveals that U.S. job growth over the past year was significantly weaker than initially reported, with 818,000 fewer jobs in March 2024 than previously estimated. This preliminary revision marks the largest downward adjustment since 2009, indicating that while the labor market was still strong, it wasn’t as robust as initially thought. The average monthly job gain from April 2023 through March 2024 now stands at 173,500, down from nearly 242,000.
The revisions primarily affected the private sector, with the professional and business services industry seeing the most significant drop, followed by the information, leisure, hospitality, and manufacturing sectors. The revised data suggests that the U.S. economy may not have needed as many workers as initially believed, despite strong economic growth in the latter half of the previous year.
US jobs growth revised sharply lower in sign of cooling labour market https://t.co/MHdw2ZIxgD via @ft
— Erwin Leitner (@LeitnerErwin) August 21, 2024
Economists are now closely watching how the Federal Reserve will respond to this new data. Fed Chair Jerome Powell is expected to address these concerns in his upcoming speech at an economic symposium in Wyoming. Some experts believe this revision could pressure the Fed to consider interest rate cuts sooner than planned.
The downward revision was anticipated by some economists due to discrepancies between the BLS’s monthly survey and the more comprehensive Quarterly Census of Employment and Wages (QCEW). The QCEW data, which is more accurate but released with a significant delay, has been showing slower job gains than the monthly surveys.
Despite the revision, many economists caution against viewing this as a sign of weakness in the labor market. The data is still preliminary, and the labor market continues to show strong fundamentals, including high employment-to-population ratios and an increasing number of people looking for work.
🚨 US Job Growth Revised Down by 818,000
The Bureau of Labor Statistics’ recent revision showed that US job growth for the year ending in March 2024 was weaker than initially reported, with 818,000 fewer jobs added. This significant downward adjustment suggests that the job… pic.twitter.com/q3qZnwQSRx
— Giannis Andreou (@gandreou007) August 21, 2024
The final benchmark revisions will be released in February 2025, and while the current data suggests job growth has been slowing, the overall health of the labor market remains solid.
Key Points:
i. BLS revised U.S. job growth data, revealing 818,000 fewer jobs than initially reported for March 2024.
ii. The revision marks the largest downward adjustment since 2009, reducing the average monthly job gain from 242,000 to 173,500.
iii. Private sector industries like professional services, information, and manufacturing were most affected.
iv. Economists believe this could pressure the Federal Reserve to consider interest rate cuts sooner than expected.
v. Despite the revision, the labor market remains fundamentally strong, with final data expected in February 2025.
Al Santana – Reprinted with permission of Whatfinger News
