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Labor Department downgrades job creation figures
(MENAFN) On Wednesday, the U.S. labor Department announced a significant downward revision in job creation figures for the year ending in March. The department reduced its estimate by 818,000 jobs, highlighting growing concerns about the labor market's health as the Federal Reserve prepares to potentially lower interest rates in September. This adjustment, part of the annual "standard" revisions, is based on more accurate data that becomes available after the initial monthly reports are released.
If this revised figure is confirmed in the final update scheduled for February, it will mark the largest downward revision since the 902,000 job loss recorded in March 2009. The revision reflects a decrease of approximately 0.5 percent from previous estimates. Specifically, private sector job growth was revised down to 819,000, representing a 0.6 percent reduction from earlier figures. Government employment figures, however, remained largely unchanged. This substantial revision underscores the Federal Reserve's increasing apprehension about labor market conditions as it considers adjustments to monetary policy.
If this revised figure is confirmed in the final update scheduled for February, it will mark the largest downward revision since the 902,000 job loss recorded in March 2009. The revision reflects a decrease of approximately 0.5 percent from previous estimates. Specifically, private sector job growth was revised down to 819,000, representing a 0.6 percent reduction from earlier figures. Government employment figures, however, remained largely unchanged. This substantial revision underscores the Federal Reserve's increasing apprehension about labor market conditions as it considers adjustments to monetary policy.
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