US job growth revised downward
The US economy added 818,000 fewer jobs than first reported
What happened
The U.S. economy added 818,000 fewer jobs than originally reported in the 12 months ending in March, the Bureau of Labor Statistics said. The preliminary downward adjustment — to 174,000 new jobs a month from 242,000 — was part of the Labor Department's annual revision process, using more accurate state unemployment data.
Who said what
The weaker job growth numbers give fresh "ammunition to critics who suggest the Federal Reserve may be late to cutting interest rates," focusing too much on "curbing inflation, to the detriment of the labor market," The Washington Post said. Even with the new numbers, The New York Times said, "the big picture remains relatively unchanged: Job growth is slowing, but not collapsing. The unemployment rate is rising, but layoffs remain low."
"This doesn’t challenge the idea we're still in an expansion," but it signals more muted monthly job growth and puts "extra pressure on the Fed to cut rates" in September, Robert Frick, an economist at the Navy Federal Credit Union, said to The Associated Press.
What next?
Fed Chair Jerome Powell may give hints about next month's expected rate cut when he speaks in Jackson Hole, Wyoming, on Friday. The final job growth numbers for the period will be released in February.
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