- The U.S. economy added 818,000 fewer jobs between April 2023 and March 2024 than initially estimated.
- Revised data indicates an average monthly job growth of 174,000, down from the originally estimated 242,000 jobs per month.
- These updated figures highlight the cooling of the U.S. labor market and may influence the Federal Reserve’s decisions on interest rates.
Washington, August 22, 2024 (FFN) – The U.S. economy experienced significantly slower job growth over the past year than previously reported. The U.S. Department of Labor revised its employment data, revealing that from April 2023 to March 2024, the number of jobs added was 818,000 less than originally anticipated.
According to the updated data, the U.S. economy added an average of 174,000 jobs per month during this period, a sharp decrease from the 242,000 jobs initially estimated. This revision comes as more signs point to a cooling labor market in the world’s largest economy, raising the likelihood that the Federal Reserve may soon consider adjusting interest rates.
The Department of Labor’s preliminary figures show that these discrepancies could have a notable impact on economic projections. Finalized data is expected to be released in February of the following year.
The revision follows a disappointing jobs report in July, which further fueled concerns among economists that the Federal Reserve might have delayed too long in loosening its monetary policy. Such a delay could mean missing the opportunity to provide the economy with a needed growth stimulus.
This report is based on information from AP and other sources.
Key Words: U.S. job growth, labor market, employment revision, Federal Reserve, interest rates
Table:
| Period | Original Estimate (Jobs Added) | Revised Estimate (Jobs Added) | Difference (Jobs) |
|---|---|---|---|
| Average per month (April 2023 – March 2024) | 242,000 | 174,000 | -68,000 |
| Total (April 2023 – March 2024) | ~2,904,000 | ~2,088,000 | -816,000 |
