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Revisions smack down job growth
The U.S. economy might have created some 800,000 fewer jobs last year than what we initially thought. This is obviously a big deal, even in a labor market that employs more than 155 million people. We will provide some context on this recent data revision and the current trajectory for the U.S. labor market.
Let’s start with the facts. Before last Wednesday, numbers from the Bureau of Labor Statistics (BLS) suggested very strong employment growth of about 2.9 million during the year from April 2023 throughout March 2024. Following the data revision that occurred on