An employment sign is seen on the window of a FedEx store on August 2, 2024 in New York City.
Michael M. Santiago | Michael M. SantiagoGetty Images
The U.S. Labor Department reported Wednesday that the U.S. economy created 818,000 fewer jobs in the 12 months to March 2024 than initially reported.
The U.S. Bureau of Labor Statistics said that as part of a preliminary revision of the annual benchmark for nonfarm employment data, actual job growth from April 2023 to March of the following year was nearly 30% lower than the 2.9 million originally reported.
Wall Street has been watching the numbers closely, and many economists expect the initially reported numbers to be significantly lower. Even with revisions, more than 2 million jobs were created during the period, but the report could be seen as an indication that the labor market is not as strong as previous BLS reports have portrayed.
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