Saturday, June 7, 2025
  • Business
  • Investing
  • World-news
  • Stock
No Result
View All Result
Finance Mastery News
Advertisement
  • Business
  • Investing
  • World-news
  • Stock
No Result
View All Result
Finance Mastery News
No Result
View All Result
Home Business

U.S. added 818,000 fewer jobs than thought, adding to concerns about a slowing economy

admin by admin
August 24, 2024
in Business
0
U.S. added 818,000 fewer jobs than thought, adding to concerns about a slowing economy
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

U.S. job gains over the 12 months ending in March were revised downward Wednesday by 818,000 — a significant revision that adds to recent concerns that the economy has been slowing.

The change means that roughly 2.1 million jobs were created in the U.S. in the past year, compared with about 2.9 million prior to the revision. The new figures do not represent job losses — merely new estimates of how many jobs were actually created during the period in question.

‘Even after these large downward revisions, the labor market looks to have been on solid footing,’ Bank of America research analysts said after the report’s release.

The data serves as additional evidence that a more significant downturn in the U.S. economy may be afoot. While the economy has grown steadily in recent quarters, often outpacing expectations, the unemployment rate recently climbed to a new post-pandemic high of 4.3% (the data revisions today do not affect measures of the unemployment rate). The share of American workers both employed and unemployed looking for new work rose to its highest level in a decade in July — even as hiring has largely ground to a halt.

In a statement, White House Chief Economic Adviser Jared Bernstein said the preliminary estimate ‘doesn’t change the fact that the jobs recovery has been and remains historically strong, delivering solid job and wage gains, strong consumer spending, and record small business creation.”

Wednesday’s update from the Bureau of Labor Statistics was the largest negative revision since 2009. Still, it was slightly less than feared by forecasters, some of whom had warned it could have been as high as 1 million. Market reaction was largely muted.

In a note to clients following Wednesday’s release, Olivia Cross, economist with Capital Economics research group, said the report means that the jobs data covered by the period were ‘softer than first thought, but not worryingly so,’ and that it will likely lead the Federal Reserve to cut its key interest rate by 0.25% in September, as most analysts expected before Wednesday’s release.

On an absolute basis, employment in professional and business services saw the largest adjustment, down 358,000 jobs compared to what was previously reported. Leisure and hospitality was next, down 150,000.

On a percentage basis, information occupations saw the biggest adjustment, a decline of 2.3%.

Each year, the Bureau of Labor Statistics uses state unemployment insurance tax records to paint a more accurate picture of the jobs market compared with its regular monthly surveys.

The BLS revisions are preliminary, and the scale of the revisions will again be adjusted next February.

This year’s revision was highly anticipated as market observers debate whether the Federal Reserve has been too slow to cut rates amid signs of a slowing economy. The Fed is expected to cut interest rates by 0.25% at its next policy-setting meeting on Sept. 18.

Bank of America’s research analysts said the report will have ‘little impact’ on expectations for Fed policy, adding that the Fed already had concerns about the labor market before the revisions.

This post appeared first on NBC NEWS

Previous Post

July home sales break a four-month losing streak as supply rises nearly 20% over last year

Next Post

Ford delays new EV plant and cancels electric three-row SUV as it shifts strategy

admin

admin

Next Post
Ford delays new EV plant and cancels electric three-row SUV as it shifts strategy

Ford delays new EV plant and cancels electric three-row SUV as it shifts strategy

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    • Trending
    • Comments
    • Latest
    Criminals are looting millions from ATMs in Europe. Here’s why Germany is a prime target

    Criminals are looting millions from ATMs in Europe. Here’s why Germany is a prime target

    October 28, 2024
    Israeli MP behind bill to expel key UN agency accuses US of interfering with process

    Israeli MP behind bill to expel key UN agency accuses US of interfering with process

    October 28, 2024
    British nurse Lucy Letby loses bid to appeal single attempted murder conviction

    British nurse Lucy Letby loses bid to appeal single attempted murder conviction

    October 25, 2024
    North Korean troops spotted in Russian border region with Ukraine, says Kyiv

    North Korean troops spotted in Russian border region with Ukraine, says Kyiv

    October 25, 2024
    Trump-Xi call restores trade truce. But the supply chain war has no end in sight

    Trump-Xi call restores trade truce. But the supply chain war has no end in sight

    0
    Private payroll growth slowed to 122,000 in July, less than expected, ADP says

    Private payroll growth slowed to 122,000 in July, less than expected, ADP says

    0
    The 10 worst states to retire in the U.S. No. 1 isn’t California or New York

    The 10 worst states to retire in the U.S. No. 1 isn’t California or New York

    0
    Boeing taps aerospace veteran Ortberg to replace Dave Calhoun as CEO

    Boeing taps aerospace veteran Ortberg to replace Dave Calhoun as CEO

    0
    Trump-Xi call restores trade truce. But the supply chain war has no end in sight

    Trump-Xi call restores trade truce. But the supply chain war has no end in sight

    June 7, 2025
    China-appointed Panchen Lama vows to make religion more Chinese in meeting with Xi Jinping

    China-appointed Panchen Lama vows to make religion more Chinese in meeting with Xi Jinping

    June 7, 2025
    Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

    Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

    June 7, 2025
    How the US could be vulnerable to the same kind of drone swarm attack Ukraine unleashed on Russia’s bomber fleet

    How the US could be vulnerable to the same kind of drone swarm attack Ukraine unleashed on Russia’s bomber fleet

    June 7, 2025

    Recent News

    Trump-Xi call restores trade truce. But the supply chain war has no end in sight

    Trump-Xi call restores trade truce. But the supply chain war has no end in sight

    June 7, 2025
    China-appointed Panchen Lama vows to make religion more Chinese in meeting with Xi Jinping

    China-appointed Panchen Lama vows to make religion more Chinese in meeting with Xi Jinping

    June 7, 2025
    Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

    Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

    June 7, 2025
    How the US could be vulnerable to the same kind of drone swarm attack Ukraine unleashed on Russia’s bomber fleet

    How the US could be vulnerable to the same kind of drone swarm attack Ukraine unleashed on Russia’s bomber fleet

    June 7, 2025

    Disclaimer: financemasterynews.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Browse by Category

    • Business
    • Investing
    • Stock
    • World-news

    Recent News

    Trump-Xi call restores trade truce. But the supply chain war has no end in sight

    Trump-Xi call restores trade truce. But the supply chain war has no end in sight

    June 7, 2025
    China-appointed Panchen Lama vows to make religion more Chinese in meeting with Xi Jinping

    China-appointed Panchen Lama vows to make religion more Chinese in meeting with Xi Jinping

    June 7, 2025
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 financemasterynews.com | All Rights Reserved

    No Result
    View All Result

    Copyright © 2025 financemasterynews.com | All Rights Reserved