According to new labor market revision, 818,000 jobs lower than expected

The labor market seemed to survive historically high interest rates and inflation unscathed last year, seemingly creating well over 200,000 new jobs each month.

It turned out that the country's job engine was not quite as invincible as it seemed.

The U.S. Bureau of Labor Statistics on Wednesday revised down its estimate of total employment in March 2024 by a whopping 818,000. This is the largest downgrade of its kind in 15 years. This means that there were 818,000 fewer job gains from April 2023 to March 2024 than initially estimated.

So instead of an average of 242,000 new jobs being created per month over this 12-month period, the latest estimate is that the country has created about 174,000 new jobs per month.