In the US, 818,000 fewer jobs were created than originally reported

According to preliminary estimates from the annual benchmark revision of U.S. labor market data, U.S. job growth was not as strong as initially estimated. Between March 2023 and March 2024, 818,000 fewer jobs were added to the U.S. economy than originally reported, representing employment growth of 0.5%. This is the largest downward revision since 2009.

The sectors with the largest declines, accounting for more than 90% of the downward revision, are: professional and business services (-202,000 jobs), retail trade (-47,000 jobs), manufacturing (-96,000 jobs) and information (-103,000 jobs). Leisure and hospitality also saw a decline, but private education and health services recorded an increase of 1,144,000 jobs, up from 1,057,000 in the original estimate.

The downward revision to US labor market growth points to a slower economic recovery. Major industries showing declines suggest that overall economic momentum and consumer confidence may be at risk.