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.
The average monthly jobs increase in the past year was just revised lower by 31%, from 218K to 150K.
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@Pl4tformCraneRepublican2yrs2Y
Crucially, it took place in an election year and was meant to pad the numbers, making the economy appear much stronger than it was
@SwingStateXerusVeteran2yrs2Y
Rule #1 - the government and corporate media lie about literally everything
Rule #2 - when in doubt, see Rule #1
The whole establishment is a scam, right? And we’re a bunch of lunatics nodding along.
@StressedChamoisGreen2yrs2Y
When do we stop calling it a 'revision' and start calling it a LIE to the American people?
@PleasedPoliticGreen2yrs2Y
The BLS has been feeding the American people fake jobs reports to prop up the Biden/Harris Regime.
The American people now know for sure that their eyes and ears haven't been the ones lying to them; their government has.
@ISIDEWITH2yrs2Y
@ISIDEWITH2yrs2Y
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