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New data shows US job growth has been far weaker than initially reported

  • CNN
  • August 21, 2024
CNN

 — 

US job growth during much of the past year was significantly weaker than initially estimated, according to new data released Wednesday.

The Bureau of Labor Statistics' preliminary annual benchmark review of employment data suggests that there were 818,000 fewer jobs in March of this year than were initially reported.

When spread through the prior year and back to April 2023, that indicates there were likely about 68,167 fewer net jobs added per month.

Should you be worried about the stock market's recent slide? The US economy remains fairly strong, and there's reason to be hopeful about America's ability to avoid a recession.

Richard Drew/AP

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Every year, the BLS conducts a revision to the data from its monthly survey of businesses' payrolls, then benchmarks the March employment level to those measured by the Quarterly Census of Employment and Wages program.

The estimates released Wednesday, after an uncharacteristic delay of more than half an hour, are preliminary and will not be finalized until February 2025.

While Wednesday's preliminary revision won't change the existing monthly employment data for now, it serves as another critical gauge for the overall health and activity of the US labor market. Job growth has dropped off more than expected in recent months, making for an even more tenuous situation for the Federal Reserve and its weighing of interest rate cuts.