The revised data suggest monthly job growth was closer to 174,000, down from the previously reported 242,000

US job growth over the 12 months ending March 2024 was revised downward by 818,000 jobs, bringing the total to 2.1 million instead of 2.9 million.

The revision implies that the country’s employment growth is much weaker than previously reported.

The Labor Department’s latest data suggests employers added ~174,000 jobs per month during that period, compared to the earlier reported figures of 242,000. The revision marks a downward revision of 28%—the largest adjustment issued since 2009.

The revised figures reveal slower hiring across most sectors, with notable revisions in professional services and retail, while transportation and warehousing saw modest growth.

For the 12 years through March, employment rose 1.3% instead of the previously estimated 1.9%.

The annual revision reconciles survey data with state unemployment records. Recent data indicate a further slowdown: job growth in spring and summer weakened, and the unemployment rate increased to 4.3%, but layoffs remain low.

The downward adjustment didn’t affect the markets. Economists expected a revision of up to 1 million jobs. The final figures are due next year. The S&P 500 showed minimal reaction to the revised data.

The Federal Reserve is closely monitoring the labor market as it prepares for a critical interest decision next month.