U.S. Job Growth Revised Downward by Nearly One Million Positions
By
Anon84
Sat out too long. The crust has gone leathery.
Summary
The U.S. government revised job growth numbers downward by nearly a million jobs for the year through March, marking the largest reduction in decades. Despite this significant downward revision, economists believe it won't prompt the Federal Reserve to implement a large interest rate cut at their upcoming meeting.
Key quotes
· 4 pulledJob growth for the year through March was significantly lower than the government had reported
The reduction in estimated annual hiring was the biggest in decades
It likely won't push the Federal Reserve to go ahead with a jumbo rate cut next week
The latest numbers are more comprehensive than those the Bureau of Labor Statistics reports each month
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