the staff of the Ridgewood blog
Ridgewood NJ, the US government has dramatically reduced its estimate for the number of jobs added in the past year by a staggering 818,000. The revised figure now stands at approximately 2.1 million jobs added from April 2023 to March 2024, marking a significant 28% downward adjustment from the previously reported 2.9 million.
This annual revision is part of the Bureau of Labor Statistics’ ongoing effort to reconcile preliminary survey data with more comprehensive state unemployment records. Historically, such revisions have averaged around 173,000 jobs up or down. However, this year’s adjustment is the largest in the past decade. The previous largest revision was for the year ending in March 2019, when job growth was revised downward by 489,000.
The downward revisions were most pronounced in sectors like hospitality, retail, and professional services, although nearly all sectors experienced some degree of adjustment. This new data suggests that job growth began to decelerate earlier than initially thought.
The substantial revision also reinforces expectations that the Federal Reserve may consider lowering interest rates in the coming months. As always, the final figures will be released in February, but for now, this adjustment provides a more tempered view of the recent job market trends.
Follow the Ridgewood blog has a brand-new new X account, we tweet good sh$t
https://twitter.com/TRBNJNews
#follow #media #trending #viral #newsupdate #currentaffairs #BergenCountyNews #NJBreakingNews #NJHeadlines #NJTopStories,#NorthJersey,#localnews, #bergencounty,
Lying Biden Harris administration!