US job growth not nearly as high as originally estimated, new data reveals

Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.

Job growth in the U.S. was slower than initially thought for much of 2023 and the start of 2024, according to revised data released by the Department of Labor on Wednesday.Revised data shows that the U.S. economy added 819,000 fewer jobs than estimated in the 12-month period ending in March, based on counts derived from state unemployment insurance tax records.The 819,000 figure represents 0.5% of the entire workforce. Generally, past estimates have been within 0.1% of the entire workforce.

has had a stronger-than-normal economy, the revised figures indicate job growth has been much closer to historical norms. From July 2014 through July 2014, the U.S. averaged about 164,000 new jobs per month.The Federal Reserve has also cited strong numbers as justification to maintain the highest federal interest rates the U.S. has had in 23 years. The Federal Reserve has maintained high interest rates in hopes of reducing the annual inflation rate closer to 2%.

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