"Job Gains Slashed, S&P 500 Climbs in Anticipation of Fed Chair Powell's Key Address"

The U.S. economy added 306,000 fewer jobs than previously estimated in the year through March 2023, according to the Labor Department. This data, along with S&P Global's report of a six-month low in U.S. economic activity, may have lowered expectations for Federal Reserve Chair Jerome Powell's speech on Friday. The revision in job growth could indicate a weaker trend in income growth and raise questions about the accuracy of government estimators. The discrepancy between employer and household surveys has led to speculation of overstated job growth. The Federal Reserve is aiming for a soft landing for the economy, and downward revisions to job growth could help achieve this goal.