Fed confronts up to a million US jobs vanishing in revision

[tsptalk]

Surprise, surprise. For the second year in a row. Last year it was 800,000, if you recall.

--------------------------------------------------------------------------

US job growth in year through March was far lower than estimated

U.S. employers added far fewer jobs than originally reported in the year through March, the Labor Department said on Wednesday, underscoring the growing concerns the Federal Reserve has about the health of the labor market as it gears up to start cutting interest rates in September.

The department's estimate for total payroll employment for the period from April 2023 to March 2024 was lowered by 818,000. The revision represented a total downward change of about 0.5% and means that monthly job gains during the period averaged roughly 174,000, compared to the previously reported figure of 242,000.

US job growth in year through March was far lower than estimated