• Latest
  • Trending
  • All

Jobs report revisions stoke US economy debate

August 22, 2024

Thousands of NI workers to get pay bump as Real Living Wage rises

October 15, 2026

Burnham had two hospitality dinners with Man City chairman, deleted records show

October 15, 2026

Anthropic flags revenue surge to investors ahead of stock market debut

October 15, 2026

Sussex time capsule celebrates 100 years of Winnie-the-Pooh

October 15, 2026

Netflix to shed 1,000 jobs in steepest cuts since 2022

October 14, 2026

US inflation rises more than expected – here’s what is happening with prices

October 14, 2026

Watch: Can the Fort Hood shooter’s execution be livestreamed?

October 14, 2026

Starlink: Musk says US government may be behind slowdown of Ukraine drone speeds

October 14, 2026

We are behind you and that will not change, PM tells Zelensky

October 14, 2026

Raye hits back at ticket touts who took over Albert Hall sign-up

October 14, 2026

Swimmer Archie Goodburn thanks prime minister as brain cancer review announced

October 14, 2026

Ji-sung Eom racist abuse: Millwall boss Alex Neil criticised for stoppage comments

October 14, 2026
News
  • Login
  • Home
  • News
  • Sports
  • Worklife
  • Travel
  • Reel
  • Future
  • More
Thursday, October 15, 2026
No Result
View All Result

NEWS

3 °c
London
8 ° Wed
9 ° Thu
11 ° Fri
13 ° Sat
  • Home
  • Video
  • World
    • All
    • Africa
    • Asia
    • Australia
    • Europe
    • Latin America
    • Middle East
    • US & Canada

    Sydney teen charged with murder of boy who was shot in face

    Republic of Ireland: Public sector strike begins

    Mauritius reels from worst riots in decades after woman shot by police

    Australia’s first Michelin stars awarded to 11 restaurants

    Germany puts Ukrainian on trial accused of blowing up Nord Stream pipelines

    Argentina targets UK in legal claim over Falklands oil exploration

    Houthi missile hits Aramco building after Saudi-led coalition hits Yemen fuel depot

    Pope diagnosed with lung cancer but had successful surgery, Vatican says

    Qantas flight grounded after bedbug outbreak

  • UK
    • All
    • England
    • N. Ireland
    • Politics
    • Scotland
    • Wales

    Burnham had two hospitality dinners with Man City chairman, deleted records show

    Sussex time capsule celebrates 100 years of Winnie-the-Pooh

    We are behind you and that will not change, PM tells Zelensky

    Swimmer Archie Goodburn thanks prime minister as brain cancer review announced

    Ji-sung Eom racist abuse: Millwall boss Alex Neil criticised for stoppage comments

    Waterford: Vigil held after murder of four family members

    Zelensky and Burnham to meet in Downing Street

    Family pays tribute to ‘warm and engaging’ man killed in tiger attack

    Man killed in tiger attack identified as William Chapman

  • Business
    • All
    • Companies
    • Connected World
    • Economy
    • Entrepreneurship
    • Global Trade
    • Technology of Business

    Thousands of NI workers to get pay bump as Real Living Wage rises

    Netflix to shed 1,000 jobs in steepest cuts since 2022

    US inflation rises more than expected – here’s what is happening with prices

    Shropshire heating oil users face tough choices as prices rise

    Poundland in rescue talks as owners seek buyer

    Three things we’ve learnt about the UK economy from the IMF

    Cost-of-living struggles inspire new supermarket in Newcastle-under-Lyme

    Lego fraudster among last year’s most high-profile insurance scammers

    Healey faces £35bn Budget challenge to meet spending pledges, says think tank

  • Tech
  • Entertainment & Arts

    Meghan hits red carpet at Power of Women in Hollywood

    Margot Robbie unable to speak at Saltburn premiere

    Barbra Streisand: Siri can now pronounce my name

    Wes Anderson’s The Grand Budapest Hotel inspires cinema’s look

    Taylor Swift/ Travis Kelce romance reaches White House

    The Killers booed at Georgia concert after inviting Russian fan on stage

    Watch: Memorable moments from Parkinson's star-studded show

    Tom Jones: Neighbour surprised to find singer in flat below

    Black Country Folk Festival showcases local musicians

    Watch: Australians set new world record with Tina Turner dance

  • Science
  • Health
  • In Pictures
  • Reality Check
  • Have your say
  • More
    • Newsbeat
    • Long Reads

NEWS

No Result
View All Result
Home Business Economy

Jobs report revisions stoke US economy debate

August 22, 2024
in Economy
5 min read
237 18
0
495
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Getty Images A retail worker at a cash registerGetty Images

Jobs growth in the US appears to have been weaker than previously understood last year, the Labor Department said Wednesday, an update that enflamed an already heated debate about the state of the US economy.

The Labor Department said its latest data suggested employers added about 818,000 fewer jobs than previously estimated over the 12 months prior to March.

The revision, which is preliminary, would reduce the total number of jobs created during that time by about 30%, compared with previous estimates – the biggest such update since 2009.

In an ordinary year, the publication of a new estimate would be marked by only the nerdiest of economic forecasters. But months before a presidential election, it quickly became political fodder.

What did the report say?

The new estimates suggest monthly job growth of about 174,000, instead of the roughly 240,000 previously understood.

Most sectors were hit by downward revisions, including information – media and tech among other areas – retail, manufacturing, and the grab-bag category of “professional and business services.

That means job growth in the period was “even more dependent on government and education/healthcare than thought”, wrote Ryan Sweet at Oxford Economics.

Hiring was “still strong but less than that needed to keep up with growth in the working-age population” he noted.

At the end of the day, the revisions imply that the total number of jobs in the US is just 0.5% smaller than previously thought.

Where are these numbers coming from?

The Labor Department publishes estimates of job creation each month, based on surveys it sends out to employers.

It regularly revises the figures as it gets more information, with a final reset at the start of each year.

Its report Wednesday was a preview of that update, incorporating county-level unemployment insurance tax data.

This revision was “notably” larger than previous years, Mr Sweet noted.

But some analysts suggested it might be overblown, noting that the tax data would not reflect jobs going to unauthorized workers.

Given the recent surge in immigration in the US, they say that could lead to jobs growth being undercounted.

Over the last four years, the final estimates of job growth have ended up higher than indicated in August.

What has the reaction been so far?

Strong jobs growth has been key to the Biden administration’s case that its policies helped the US emerge from the pandemic with the strongest economy in the world.

But on Wednesday, Republicans seized on the figures to argue that Democrats have been gaslighting voters about the state of the economy.

The Republican Party responded on social media writing: “BREAKING: 818,000 jobs that the Harris-Biden administration claimed to have “created” aren’t actually there”.

Donald Trump posted on Truth Social that it was a “MASSIVE SCANDAL!” claiming that the “real” numbers were “much worse than that”.

But Jared Bernstein, the chair of President Biden’s Council of Economic Advisers, said the revision, “doesn’t change the fact that this has been and remains a strong jobs recovery, powering real wage gains, solid consumer spending, and record small biz creation”.

So how worried should we be?

For much of the last year, the US has reported strong jobs growth in defiance of economist expectations – and public sentiment.

The gains have surprised many because businesses and households are facing the highest borrowing costs in a generation, which would ordinarily trip-up growth.

As the Republican response underlined, the revisions bolster arguments that the labour market is on shakier ground than understood.

Many analysts said the new numbers would strengthen the case for the US central bank to cut interest rates at its next meeting in November. That is already expected, as it tries to head off further weakening in the job market.

But the change didn’t set off widespread alarms.

Financial markets, which were roiled by jitters about the economy earlier this month, took the latest data largely in stride, noting that they were in line with expectations.

“Non-farm payroll growth from April 2023 to March 2024 looks to be softer than first thought, but not worryingly so,” wrote Olivia Cross, North America economist at Capital Economics.



Source link

Tags: debateeconomyjobsreportrevisionsstoke

Related Posts

US inflation rises more than expected – here’s what is happening with prices

October 14, 2026
0

Inflation has risen to 3.7% in the year to September, which is a higher-than-expected increase fuelled by petrol prices.Vehicle...

Three things we’ve learnt about the UK economy from the IMF

October 13, 2026
0

There is increased concern about how much money countries are borrowing, but the IMF said the UK is doing...

Healey faces £35bn Budget challenge to meet spending pledges, says think tank

October 12, 2026
0

Chancellor John Healey faces having to find £35bn to avoid cuts to public spending while meeting defence promises in...

  • Lee McGregor: Scot seeks world title in 2025 & Nathaniel Collins bout

    680 shares
    Share 272 Tweet 170
  • Belgian footballer arrested in cocaine investigation

    535 shares
    Share 214 Tweet 134
  • Next to raise prices to help pay for rising wage costs

    534 shares
    Share 214 Tweet 134
  • South Wales Police officers injured, one arrested

    526 shares
    Share 210 Tweet 132
  • ‘It stirred the people to breathless wonder and scalding abuse’: The tumultuous history of the Sydney Opera House

    521 shares
    Share 208 Tweet 130
  • Trending
  • Comments
  • Latest

Lee McGregor: Scot seeks world title in 2025 & Nathaniel Collins bout

January 16, 2025

Belgian footballer arrested in cocaine investigation

January 27, 2025

Next to raise prices to help pay for rising wage costs

January 7, 2025

World Cup 2022: TikTok brings football fever to millions of fans

0

UK economy will get worse before it gets better, warns chancellor

0

One of Central America’s most active volcanoes erupts again

0

Thousands of NI workers to get pay bump as Real Living Wage rises

October 15, 2026

Burnham had two hospitality dinners with Man City chairman, deleted records show

October 15, 2026

Anthropic flags revenue surge to investors ahead of stock market debut

October 15, 2026

Categories

Business

Thousands of NI workers to get pay bump as Real Living Wage rises

October 15, 2026
0

About 6,000 workers in NI are paid the Real Living Wage - which is voluntarily paid to reflect the...

Read more

Burnham had two hospitality dinners with Man City chairman, deleted records show

October 15, 2026
News

© 2023 GODJ - NEWS CORP - news.godj.com.

Explore NEWS.GODJ.COM

  • Home
  • News
  • Sports
  • Worklife
  • Travel
  • Reel
  • Future
  • More

Follow Us

  • Home Main
  • Video
  • World
  • Top News
  • Business
  • Sport
  • Tech
  • UK
  • In Pictures
  • Health
  • Reality Check
  • Science
  • Entertainment & Arts
  • Login

© 2023 GODJ - NEWS CORP - news.godj.com.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.