This development stoked an already fervent discussion on the status of the US economy.
According to the Labor Department, companies added roughly 818,000 fewer jobs in the year before March than was previously thought based on its most recent data.
According to the preliminary revision, there would have been a 30% decrease in total jobs produced over that time compared to earlier projections. This is the largest update since 2009.
Only the most nerdy of economic analysts would mark the release of a new estimate in a typical year. But it soon became political fodder, months before of a presidential election.
What was stated in the report?.
The revised projections indicate a monthly increase in jobs of around 174,000 as opposed to the previously estimated roughly 240,000.
The majority of industries had negative changes, including manufacturing, retail, information technology and media, retail, and the haphazard category of “professional and business services.”
According to Ryan Sweet of Oxford Economics, this indicates that the expansion of jobs during that time was “even more dependent on government and education/healthcare than thought.”.
