US Labor Market Faces Significant Downward Revision of 306,000 Jobs
The US Bureau of Labor Statistics has revised down March 2023's employment gains by 306,000 jobs, indicating weaker job growth than previously projected. However, despite the downward revision, the labor market remains strong, with an average monthly job gain of nearly 312,000 over the past year. The bulk of the downward revisions were in the transportation and warehousing sector and the professional and business services sector. The revision does not indicate a secret weakness in the labor market, and the economy continues to grow, having created 870,000 more jobs since March.