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(The Guardian) The US job market appears weaker than first thought, according to official figures released on Wednesday.
The US created 818,000 fewer jobs than first calculated in the twelve month to the end of March, a 0.5% decrease, according to the Bureau of Labor Statistics’ quarterly census of employment and wages.
The news comes as the Federal Reserve weighs a cut in its benchmark interest rate, the first since March 2020. The chair of the Fed, Jerome Powell, has signaled that the central bank is now leaning towards cutting rates after raising them to tamp down inflation. Powell will give an update on his views this Friday at the central bank’s annual meeting in Jackson Hole, Wyoming.
The news also comes in an election season when the economy is the top priority for voters. The outgoing president, Joe Biden, has received low marks from voters for his handling of the economy despite a remarkable recovery from the coronavirus pandemic. While inflation is fading, voters remain unhappy about prices.
Some 16m jobs have been created since Biden took office and average unemployment has remained lower than during any administration in 50 years.
The US created 818,000 fewer jobs than first calculated in the twelve month to the end of March, a 0.5% decrease, according to the Bureau of Labor Statistics’ quarterly census of employment and wages.
The news comes as the Federal Reserve weighs a cut in its benchmark interest rate, the first since March 2020. The chair of the Fed, Jerome Powell, has signaled that the central bank is now leaning towards cutting rates after raising them to tamp down inflation. Powell will give an update on his views this Friday at the central bank’s annual meeting in Jackson Hole, Wyoming.
The news also comes in an election season when the economy is the top priority for voters. The outgoing president, Joe Biden, has received low marks from voters for his handling of the economy despite a remarkable recovery from the coronavirus pandemic. While inflation is fading, voters remain unhappy about prices.
Some 16m jobs have been created since Biden took office and average unemployment has remained lower than during any administration in 50 years.
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