This is a revision, and WHAT a revision!
It looks like Bidenomics is not exactly the glittering jewel that Democrats have tried to sell us.
It looks like Bidenomics is not exactly the glittering jewel that Democrats have tried to sell us.
The labor market cooled off earlier and faster than previously reported
The U.S. added 818,000 fewer jobs from the spring of 2023 to the spring of 2024 than previously reported, indicating the labor market began to cool off earlier and faster than it appeared at the time.
The smaller number of new jobs created gives further impetus for the Federal Reserve to cut interest rates in September as widely expected. And to keep cutting.
The central bank is required under the law to keep inflation low and employment high.
“The Fed will see the revisions as another reason to pull forward plans to reduce interest rates,” said chief economist Bill Adams of Comerica Bank in Dallas.
The government’s revised estimate of employment growth showed the economy gained about 2.1 million jobs from April 2023 to March 2024.