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The U.S. Labor Department has revised its nonfarm payroll numbers downward by a staggering 818,000 jobs for the 12-month period ending in March 2024. This revision reveals that job growth was nearly 30% less than initially reported, dropping from the original 2.9 million to just over 2 million jobs. This marks the largest downward revision since 2009. 🔍 What does this mean? The revision suggests the labor market is weaker than previously thought. Key sectors like professional and business services, leisure and hospitality, and manufacturing saw the biggest downward adjustments. Despite this, some sectors like private education and health services saw upward revisions. 💼 Implications for the Economy: This could fuel expectations for the Federal Reserve to consider cutting interest rates, possibly as soon as September. The rising unemployment rate, now at 4.3%, is also raising concerns about a potential recession. Stay tuned for Fed Chair Jerome Powell’s upcom
