U.S. Added 818,000 Fewer Jobs Than Reported. Here’s What That Could Mean for the Fed’s Plan to Cut Interest Rates.

The Labor Department reported Wednesday that the U.S. economy produced 818,000 fewer jobs from April 2023 through March 2024 than initial tallies suggested.

The 0.5% total payroll level revision—the most substantial dip since 2009—was nearly 30% less than the initially reported 2.9 million.

The Bureau of Labor Statistics’s revisions came after the agency analyzed data from the Quarterly Census of Employment and Wages, part of an annual process that occasionally reveals departures from monthly updates.

We are aware there was a delay to the CES preliminary benchmark announcement.

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