US Job Market Revision: 818,000 Fewer Jobs And Significant Sector Cuts Revealed

Last updated on August 29th, 2024 at 07:25 pm

US Job Market

The US economy actually had 818,000 fewer jobs than first reported as of March 2024. This suggests that the job market might have been slowing down earlier than previously thought.

Each year the Bureau of Labor Statistics updates job data, and the final revised numbers will be released early next year.

The report released ” Wednesday morning ” revealed that the largest job cuts were in the professional and business services sector, which had ” 358,000 fewer jobs than initially reported “. The leisure and hospitality sector also saw a significant downward revision, with 150,000 fewer jobs than originally reported.

The report revised ” the number of monthly job additions in the US economy down from 242,000 to 174,000 for the time period in question ” .

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