The U.S. Economy Created 598,000 Fewer Jobs Than Previously Estimated
Washington, D.C. - The U.S. economy created 598,000 fewer jobs in the 12 months through March 2023 than previously estimated. The Labor Department's Bureau of Labor Statistics (BLS) released the revised nonfarm payrolls benchmark data on Friday.
The revision is less than the 818,000 reduction the BLS estimated in August. The numbers are not seasonally adjusted.
Economists had expected the level of employment over the 12-month period would be reduced by about 668,000 jobs following updates to the Quarterly Census of Employment and Wages data for the first quarter. The BLS used this data as the basis for the payrolls benchmark revision.