New data shows US job growth has been far weaker than initially reported

US job growth during much of the past year was weaker than initially estimated, according to new data released today. The Bureau of Labor Statistics’ preliminary annual benchmark review suggests that there were 818,000 fewer jobs in March of this year than were initially reported. The revisions were limited to the private sector, with the professional and business services industry seeing the largest downward adjustment. The downward adjustments will likely put further pressure on the Federal Reserve to loosen its monetary policy. The data released today is preliminary and will be finalized in February 2025.