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What will be the U.S. unemployment rate by Dec 31, 2024?
4
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U.S. Bureau of Labor Statistics monthly unemployment reports
Story
BLS Revises U.S. Job Growth Down by 818,000
Aug 21, 2024, 02:35 PM
The Bureau of Labor Statistics (BLS) has revised U.S. job growth figures, revealing that 818,000 fewer jobs were created from March 2023 to March 2024 than previously reported. This significant downward revision suggests that the labor market was cooling more rapidly than initially thought. The revision, which is the largest in 15 years, indicates that monthly job growth was about 68,000 less than previously estimated. The professional and business services sector experienced the largest drop, losing 358,000 jobs. This adjustment has raised concerns about the Federal Reserve's ability to manage interest rates effectively, as the weaker job market may necessitate a more aggressive rate cut.
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