Well, it is official — and not a surprise to anyone who has followed the data — the US economy created fewer jobs than previously reported. According to the Bureau of Labor Statistics (BLS), preliminary annual benchmark revisions to the non-farm payroll numbers from April 2023 to March 2024 were the second largest on record and the biggest since the global financial crisis. Put simply, nothing is what it seems in today’s labor market.
What Happened to the Jobs?
Wall Street was waiting with bated breath for the Department of Labor’s updates to monthly jobs data as bank economists warned that the changes would reflect a weaker labor market. The numbers did not disappoint, with the revisions confirming that actual job growth was exaggerated by 818,000 in the 12 months ending in March 2024. This was 30% less than what the federal government…
