In recent months, the U.S. economy added over 800,000 fewer jobs than originally reported, the Labor Department said this week.
On Wednesday, the Associated Press (AP) reported that new data from the U.S. Department of Labor showed that from April to March 2023, the U.S. economy added 818,000 fewer jobs than previously announced. The updated figures further indicate a steady slowdown in the job market, likely supporting the Federal Reserve’s plans to begin cutting interest rates in the near future.
According to data released by the Labor Department, job growth averaged around 174,000 per month, in the year ended in March 2023. This figure represents a decline of 68,000 a month from the 242,000 that were previously reported by the Labor Department.
The data released on Wednesday is still preliminary and final figures are expected to be released in February.