Newly released figures suggest a weaker US labor market than expected | US unemployment and employment data

According to official figures released on Wednesday, the US labor market appears to be weaker than initially expected.

Over the past three months, 818,000 fewer jobs were created in the United States than initially estimated, a decrease of 0.5%, according to the Bureau of Labor Statistics' quarterly employment and wage count.

The news comes as the Federal Reserve considers cutting its benchmark interest rate, the first since March 2020. Fed Chairman Jerome Powell has indicated that the central bank is now leaning toward cutting rates after raising them to curb inflation. Powell will give an update on his views this Friday at the central bank's annual meeting in Jackson Hole, Wyoming.

The news also comes during an election season when the economy is a top priority for voters. Outgoing President Joe Biden has received poor marks from voters for his handling of the economy despite a remarkable recovery from the coronavirus pandemic. While inflation is easing, voters remain unhappy with prices.

This story develops…