U.S. Job Growth Revised Down Significantly
By Jeff Altman, The Big Game Hunter
A recent Labor Department report revealed that the U.S. economy created fewer jobs than initially reported over the past year. The Bureau of Labor Statistics adjusted the job growth figures, finding that they were nearly 30% lower than previously stated.
The revised data showed a more modest increase in nonfarm payrolls compared to the original estimate. This marked the largest downward revision since 2009.
While overall job growth remained strong, the downward revision indicates that the labor market was not as robust as previously thought.
The largest downward revision was in professional and business services, followed by leisure and hospitality, manufacturing, and trade, transportation, and utilities. Within the trades category, retail trade jobs were cut significantly.
However, some sectors saw upward revisions, including private education and health services, transportation and warehousing, and other services. Government jobs remained relatively unchanged.
The revised data raises concerns about the labor market’s overall health. The unemployment rate has increased, triggering a measure that suggests an economy in recession.
Goldman Sachs economists attributed part of this discrepancy to undocumented immigrants who are now not included in the unemployment system but were initially listed as employed.
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