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US Jobs Growth Hit With Huge Downward Revision
US jobs growth was likely far weaker than originally estimated in the year to March, closely-watched (and irritatingly delayed) data released by the BLS on Wednesday showed.
The US economy added 818,000 fewer jobs over that 12-month stretch, suggesting monthly payrolls growth was 68,000 slower than previously reported.
Economists expected a downward revision of anywhere between 300,000 and a million. 818,000 thus counts as quite large, and not just relative to estimates. As the figure below sh
Here is another thing going on in the labor market-
My daughter applied for two different jobs in the last two weeks. For both, she received a response stating that despite the job listing indicating an open position; both companies had a hiring freeze through December 31.
I remember your daught’s situation since a while ago. Do not expect this will last this long. Best wishes to your daught and son-in-law (also in trouble if i remember correctly) for a new job.
You are mixing me up with Mr. Lucky!
My daughter is employed-just looking around to see what else is available. My son-in-law is a self employed artist. I know this sounds tenuous- but people love his art- so he is not only profitable, but able to hire artists to help him. Poor guy- his mother-in-law is a retired accountant (me) 🙂
Too right! Both now out of their senior director level tech mgt jobs for going on 18 months. They go through month-long interview cycles only to have the companies change the design of the jobs and ghost them. It’s very frustrating. Health insurance now gone.
What gets me is how the -818k number came out before the official release. Apparently, someone was told by the BLS over the phone. How can that be allowed to happen. Incredibly poor form.
818k jobs is basically 4 months out of 12 of zero job growth. How can these figures only be revised so late, while the Fed is keeping interest rates (for basically the whole world) ridiculously high based on false assumptions. Ludicrous.
Do they give revised monthly data so that you can check whether the trend as a whole also changed?
The monthly breakdown is in the final revision early next year.
Thank you.
Given the Fed’s stubbornness, I assume they will just do 25 bps cut, although 50 bps would be justified as well in my opinion. They should probably just move it to 375-400 asap and see how the economy deals with that.
Bad news = good news again – to a point.