U.S. Added 818,000 Fewer Jobs Than Reported Earlier
The U.S. Labor Department revised job growth figures, indicating 818,000 fewer jobs added than reported, with average monthly growth down to 174,000. Unemployment rose to 4.3%, but layoffs remain low.
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The U.S. Labor Department has revised its job growth figures, revealing that the economy added approximately 818,000 fewer jobs than previously reported for the year ending in March. This adjustment indicates that the average monthly job growth was about 174,000, a significant decrease from the earlier estimate of 242,000, marking a 28% downward revision. The revisions are part of an annual process reconciling monthly estimates with more accurate state unemployment records. The updated figures highlight vulnerabilities in the labor market, which had seemed robust despite high interest rates and recession warnings. Although the unemployment rate has risen to 4.3%, layoffs remain low, suggesting that while job growth is slowing, it is not collapsing. The revisions align job growth data with other indicators showing a cooling labor market, including declines in job openings and hiring. Some economists argue that the labor market may be in better shape than the data suggests, citing factors like temporary business closures due to Hurricane Beryl and the impact of increased immigration. Market reactions to the revisions were muted, with the S&P 500 index showing little change. The revisions affected various sectors, particularly white-collar jobs and hospitality, while the transportation and warehousing sector saw upward revisions.
- The U.S. added 818,000 fewer jobs than previously reported for the year ending in March.
- Average monthly job growth was revised down from 242,000 to 174,000.
- The unemployment rate has risen to 4.3%, but layoffs remain low.
- The revisions align job growth data with other indicators of a cooling labor market.
- Market reactions to the revisions were minimal, with little change in the S&P 500 index.
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11 commentshttps://www.cnbc.com/2024/06/27/4-in-10-companies-say-theyve...
https://www.yomiuri.co.jp/medical/20240821-OYT1T50067/
The US has a scary picture too with ~11% of adults affected today:
https://www.hhs.gov/sites/default/files/long-covid-update-20...
Second observation - the central unemployment rate has always been a political measure.. it has always been "cooked" from the earliest days. The actual measures are complex and hard to ascertain with certainty, yet a stable single number appears out of the miasma somehow.
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A key part of America's economy has shifted into reverse
The US economy faces challenges with weakening sectors, including high unemployment rates and reduced consumer demand impacting service businesses like restaurants and dental clinics. Factors include inflation, interest rates, and debt burdens.
US economic growth increased last quarter to a healthy 2.8% annual rate
The U.S. economy grew at 2.8% last quarter, exceeding expectations. Consumer spending rose 2.3%, and business investment increased. Inflation eased, prompting potential interest rate cuts by the Federal Reserve.
The number of available jobs in the US is shrinking
The US job market is slowing, with job openings at 8.18 million and hiring rates at a decade low. Workers prioritize job security, while layoffs remain low, indicating cautious employer behavior.
Fear of US recession rattles global markets as tech shares fall
Global stock markets fell sharply due to fears of a US recession after disappointing job data. The Nasdaq dropped nearly 3%, while Japanese equities faced their worst decline since 2020.