Catherwood LibraryILR School

The U.S. economy added 818,000 fewer jobs than initially reported for the 12 months ending in March 2024, revealing greater economic fragility. The Labor Department's revised figures indicate that job growth during this period was around 174,000 jobs per month, down from the previously reported 242,000. These revisions highlight a more significant slowdown in the labor market than initially believed, with sectors like professional services, information, hospitality, and retail seeing notable downward adjustments. Despite this, the overall picture shows a slowing, not collapsing, labor market, with a rising unemployment rate but still low layoffs. The revisions bring job growth data more in line with other indicators showing a cooling labor market.