NEW DELHI: According to new data released by the Bureau of Labor Statistics on Wednesday, US career growth over the past year was significantly slower than originally thought.
The Labor Department reported that the number of jobs that were added each month increased by about 818, 000 for the month that ended in March. This update shows companies added about 174, 000 employment per month, down from the previously reported 242, 000, marking a 28 % increases, according to a New York Times report.
The largest upward update since 2009, which reduces the number of jobs by about 68, 000 per month. These modifications are generally based on state employment tax returns that employers are required to submit.
According to press reports, the primary information may be updated when the last figures are released in February 2025. The largest adjustments were seen in professional and business solutions, with other significant decreases in production, information sectors, luxury and hospitality.
Impact on Federal Reserve policies
Following a disappointing July jobs report that revealed only 114, 000 new jobs and an unexpected rise in the unemployment rate of 4.3 %, Federal Reserve policymakers are closely monitoring the labor market. This increase has triggered the Sahm law, indicating a potential downturn.
Fed price reductions were anticipated
With these advancements, the Fed is expected to acquire price reductions more forcefully.
Buyers anticipate that the Fed will take charge reductions into account more seriously at its upcoming meeting on September 18. About 67 % anticipate a 25-basis point reduction, while 32.5 % are preparing for a larger half-point cut, according to media reports.
