Summary
A preliminary report from the U.S. Labor Department shows that job growth between March of last year and this March was overestimated by about 911,000 jobs. The report is part of an annual update done to compare monthly job numbers with more complete data from state records. The revision suggests the labor market might be weaker than previously understood, at a time when the Federal Reserve is preparing to make interest rate decisions.
Key Facts
- The U.S. Labor Department revised job growth figures, indicating 911,000 fewer jobs were added than first reported.
- This update is part of a regular process that compares monthly job data from businesses with state tax records.
- Economists expected a revision between 550,000 and 950,000 jobs, close to what was reported.
- The final job growth numbers will be shared early next year.
- The revision drew attention because it followed President Trump's dismissal of the previous head of the Bureau of Labor Statistics (BLS).
- The Federal Reserve is watching the labor market closely, as it considers cutting interest rates to avoid job losses.
- Despite the revision, major U.S. stock markets showed little reaction.
- Concerns have been raised about political influence over the BLS, especially with Trump's nomination of E.J. Antoni to lead the agency.
