US Job Creation Revised Down by 818,000

Published on August 21, 2024

The U.S. economy created 818,000 fewer jobs—or 30 percent—than the Bureau of Labor Statistics (BLS) reported from April 2023 to March 2024, representing the largest downward revision to payrolls since the global financial crisis. The updated numbers were a part of the Department of Labor’s annual benchmark revisions to the payroll data. The BLS adjusts employment data annually to make the payroll figures more accurate, though it is less timely. Officials incorporate state unemployment insurance tax records and cover close to all U.S. jobs. According to the federal statistics agency, the downward adjustments were observed in 8 of the 11 industries, led by professional and business services (negative 358,000), leisure and hospitality (negative 150,000), manufacturing (negative 115,000), and trade, transportation, and utilities (negative 104,000)....

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