US job growth revised down by 818,000, largest since 2009

By Ovunc Kutlu

ISTANBUL (AA) - The non-farm payroll growth in the US was revised down by 818,000 for the 12-month period ending March this year, according to the latest Labor Department figures released Wednesday.

The latest figure show that 2.1 million jobs were added during the April 2023 - March 2024 period, instead of 2.9 million initially reported.

The biggest downward revision came in professional and business services with 358,000.

This was followed by leisure and hospitality, which saw a downward revision of 150,000, followed by the manufacturing sector with 115,000, and trade, transportation and utilities with 104,000.

The Labor Department's Bureau of Labor Statistics' downward revision is not unusual, but the latest benchmark revision percentage of 0.5% marks the largest since 2009.

As the US labor market appears weaker than initially reported, investors could expect larger and faster rate cuts from the Federal Reserve, which is preparing to begin lowering interest rates in September.