BLS Revises US Job Growth Down by 818,000

The Bureau of Labor Statistics announced a significant revision, revealing that the U.S. added 818,000 fewer jobs from April 2023 through March 2024 than initially reported, marking the largest downward adjustment in 15 years. This revision has sparked controversy, with former President Donald Trump accusing the Biden administration of fabricating job numbers to deceive the public. Economists suggest the revision indicates a slowing job market, reinforcing expectations that the Federal Reserve will begin cutting interest rates soon. Colorado experienced the largest state-specific downward adjustment, while sectors like professional and business services saw the most significant job losses. Despite the adjustment, experts emphasize that such revisions are routine and aim to provide a more accurate labor market picture. The final job figures will be released in February 2025.