The Labour Department announced on Wednesday that US employers created far fewer jobs in March than initially reported for the year, highlighting the Federal Reserve’s growing concerns about the state of the labour market as it prepares to begin reducing interest rates in September.
The department reduced its estimate of total payroll employment by 818,000 for the April 2023–March 2024 period. The revision indicates that monthly job gains during the period averaged approximately 174,000, as opposed to the previously reported figure of 242,000. It also represented a total downward change of approximately 0.5%.
The department is conducting two “benchmark” annual revisions, with the first being significantly lower, as it gathers more precise data that will only be available in the months following it.
Private employment growth was revised by 819,000, or 0.6% below what the department had previously estimated. Government employment was basically unchanged.
The professional and business services category saw the most significant reduction of jobs, shedding 358,000, or 1.6%, from the prior estimate, followed by leisure and hospitality at 150,000 jobs, down 0.9%. The hard-pressed manufacturing sector saw a reduction of 115,000 jobs, also down 0.9%.
Also Read:
Iraq-BP Agreement to use Profit-Sharing on Kirkuk Fields
Three New Routes are Launched to India by IndiGo and Abu Dhabi Airports
