Report dampens U.S. employment outlook
Revised figures showed the U.S. economy had 501,000 fewer total jobs in March than initially reported. That’s the sharpest downward revision in jobs totals since 2009. The report is stoking fears of a coming economic downturn.
Where did the decrease come from? The Bureau of Labor Statistics bases its monthly employment situation reports on data from a sample of employers. It later adjusts the sample data using an employment census taken in March of each year. This year, the census showed retailers had 146,400 fewer jobs than expected. The leisure and hospitality sector, including hotels and restaurants, had 175,000 fewer jobs. The job report numbers for business services, healthcare, construction, and manufacturing also came in lower than initial estimates. But government employers, financial services, information and transportation, and warehousing ended up hiring more workers than initially reported.
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