Financial News: U.S. Added 818,000 Fewer Jobs Than Previously Reported,

U.S. Added 818,000 Fewer Jobs Than Previously Reported, BLS Says

08/21/2024 - 11:09:00 (RTTNews)

(RTTNews) - Revised data released by the Bureau of Labor Statistics on Wednesday showed job growth in the U.S. was weaker than previously reported in the twelve months ended March 2024.

The BLS said the U.S. economy added 818,000 fewer jobs from March 2023 to March 2024 than initially reported, reflecting 0.5 percent weaker job growth.

The data showed a significant downward revision to job growth in the professional and business services sector, which added 358,000 fewer jobs than previously reported.

The leisure and hospitality, manufacturing and retail sectors also added notably fewer jobs than previously reported, while the private education and health services and transportation and warehousing sectors added more jobs than previously reported.

The BLS noted the final benchmark revision to the establishment survey employment series will be issued in February 2025 with the publication of the January 2025 Employment Situation news release.

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