2024 Job Gains Revised Down by 818,000
Summary from the AllSides News Team
The Bureau of Labor Statistics’ annual jobs report revision revealed that 818,000 fewer jobs were created than initially reported through March in the largest downward revision since 2009.
The Details: "The average monthly job gain from April 2023 through March 2024 was 173,500 versus nearly 242,000, an analysis of BLS data shows," CNN Business (Lean Left bias) reported. The downward revision is a preliminary finding, and the numbers will not be finalized until February 2025. "The Fed will see the revisions as another reason to pull forward plans to reduce interest rates," said chief economist at Comerica Bank Bill Adams.
More Revisions to Come?: Several outlets and pundits noted discrepancies in the May jobs report, and expressed concern that the Biden administration was overstating jobs numbers.
How the Media Covered It: While all outlets noted that this was the largest revision since 2009 and fuels economic concerns, CNN added context that "Job growth was still historically strong...Economic data is revised often — especially as more comprehensive information becomes available — to provide a clearer, more accurate, picture of the dynamics at play." ZeroHedge (Lean Right bias) flagged that the jobs numbers might have been overstated by an estimated 800,000 back in March.
Featured Coverage of this Story
From the Center
U.S. created 818,000 fewer jobs than previously reported, adds to case for Fed interest-rate cuts
The U.S. added 818,000 fewer jobs than previously reported from the spring of 2023 to the spring of 2024, indicating the labor market began to cool off earlier and faster than it appeared at the time.
From the Left
New data shows US job growth has been far weaker than initially reported
US job growth during much of the past year was significantly weaker than initially estimated, according to new data released Wednesday.
The Bureau of Labor Statistics’ preliminary annual benchmark review of employment data suggests that there were 818,000 fewer jobs in March of this year than were initially reported.
Every year, the BLS conducts a revision to the data from its monthly survey of businesses’ payrolls, then benchmarks the March employment level to those measured by the Quarterly Census of Employment and Wages program.
From the Right
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 believed, according to new data published Wednesday. The Bureau of Labor Statistics revised down its total created in the year through March by 818,000. The agency's annual benchmark revision is mostly derived from state unemployment tax records that employers are required to file. The figure released Wednesday is preliminary and may be updated when the government releases the final figure in February 2025. This is a developing story. Please check back for updates.
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