US job growth overestimated by 818,000, labor market weakens

According to newly revised data from the U.S. Department of Labor, the U.S. economy added 818,000 fewer jobs than previously reported between April 2023 and March 2024. The figures released Wednesday point to a slowdown in the labor market and reinforce expectations that the Federal Reserve may soon cut interest rates.

Revised estimates show that job growth averaged 174,000 jobs per month during the period, compared with the 242,000 jobs originally reported. The largest downward revisions were in professional and business services, where 358,000 jobs were lost.

These revisions, designed to more accurately reflect business dynamics, underscore the economic challenges ahead. Final employment growth figures are expected in February 2025.

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