Jobs report: US economy created 818,000 fewer jobs than expected

WASHINGTON (AP) — The U.S. economy created 818,000 fewer jobs from April 2023 to March of this year than previously expected, the government said Wednesday, adding to evidence that the labor market is steadily slowing and likely bolstering the Federal Reserve’s plan to start cutting interest rates soon.

The Labor Department estimated that job growth averaged 174,000 a month in the year that ended in March, down 68,000 a month from the 242,000 initially reported. The revisions released Wednesday were preliminary, with final figures expected in February next year.

The downgrade follows a much worse-than-expected July jobs report, leading many economists to suggest the Fed waited too long to start cutting interest rates to support the economy. The unemployment rate rose for the fourth straight month, to a still-low 4.3%, and employers added just 114,000 jobs.

The Fed has raised its benchmark interest rate 11 times in 2022 and 2023 to combat inflation, which hit a four-decade high more than two years ago. Year-over-year inflation has since fallen to 2.9% from 9.1% in June 2022, paving the way for the Fed to begin cutting rates at its next meeting in mid-September.

The revised hiring estimates released Wednesday aim to better account for businesses that are being created or are closing down.

That doesn't undermine the idea that we're still in an expansion, but it does indicate that we should expect more moderate monthly job growth and put additional pressure on the Fed to cut rates, said Robert Frick, an economist at Navy Federal Credit Union.

New jobs in professional and business services, a broad category that includes managers and technicians, were reduced by 358,000 in the 12 months to March. Employers in the leisure and hospitality sector, including hotels and restaurants, added 150,000 fewer jobs than expected.

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