US economy created 818,000 fewer jobs than previously reported

U.S. job growth during much of the past year was significantly weaker than previously reported, according to new data published Wednesday.

The Bureau of Labor Statistics revised down its total tally of jobs created in March by 818,000 as part of its preliminary annual benchmark review of payroll data.

It marks the largest downward revision since 2009, and suggests the labor market began losing steam earlier than initially thought.

"The labor market appears weaker than originally reported," said Jeffrey Roach, chief economist at LPL Financial. "A deteriorating labor market will allow the Fed to highlight both sides of the dual mandate and investors should expect the Fed to prepare markets for a cut at the September meeting."

The revised data is mostly derived from state unemployment tax records that employers are required to file. The figure may be updated when the government releases the final figure in February 2025.

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