The U.S. economy added 818,000 fewer jobs than reported from April 2023 to March, adding evidence of a slowing job market and influencing Fed rate cuts.
Job growth averaged 174,000 a month, dropping by 68,000 from initial reports, indicating a significant revision in how the economy is performing.
Robert Frick stated the revisions indicate that while we are still in an expansion, we should expect muted monthly job growth and greater pressure on the Fed.
Despite the revisions, the unemployment rate increased to 4.3% amid job creation that fell below expectations, with added pressure on the Federal Reserve.
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