Revised jobs report shows fewer job gains this year
Aug 21, 2024, 9:06 AM | Updated: 2:04 pm
File - A help wanted sign is displayed in Deerfield, Ill., on Wednesday, Sept. 21, 2022. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week. (AP Photo/Nam Y. Huh, File)
Credit: ASSOCIATED PRESS
(AP Photo/Nam Y. Huh, File)
SALT LAKE CITY — According to Bureau of Labor Statistics, job growth over the last year was much lower than previously reported.
The BLS reports that an annual benchmark review of employment data showed 818,000 fewer jobs in March than initially listed. This is 0.5% less than originally reported.
According to CNN, it’s the biggest downward revision since 2009 and shows that the labor market isn’t as hot as originally reported. Despite today’s revision on jobs numbers, job growth has been historically high.
Chair Jerome Powell is scheduled to speak at the Fed’s annual conference of central bankers on Friday in Jackson Hole, Wyoming according to the Associated Press. He is expected to give insight on the state of the economy. Additionally, it’s likely Powell will say the Fed is more confident inflation is coming back to 2% per AP.
This is breaking news and may be updated.
