U.S. job market weaker than initially reported
New data from the U.S. Department of Labor reveals that the job market was significantly weaker in 2024 and early 2025 than previously believed, with employers adding 911,000 fewer jobs than originally reported during the 12-month period ending in March.
The preliminary benchmark revision reflects a standard annual update that compares federal employment surveys with more complete data from state unemployment tax records. The revision pointed to major shortfalls in several key sectors, including leisure and hospitality, with 176,000 fewer jobs, professional and business services, with 158,000 fewer, and retail, with 126,000 fewer.
The release comes on the heels of an August jobs report showing just 22,000 new jobs, further fueling concerns about an economic slowdown under President Donald Trump’s second term. Economists have blamed erratic trade policies and import taxes for creating uncertainty among employers.
Since March, average monthly job creation has slowed to 53,000, a notable decline. The department attributed the downward revision to fewer employers reporting hires to state agencies and a significant drop in survey participation. Final revised figures will be released in February 2026.
Read more: Associated Press
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