The United States Bureau of Labor Statistics revealed on Wednesday that nonfarm employment figures were overstated by 818,000 jobs as of March this year, marking the largest downward revision in the nation's employment data since 2009.
The final findings are scheduled to be revealed in February with the monthly report on the month before. Between March 2023 and March 2024, the professional and business services sector created 358,000 fewer jobs than initially estimated, followed by a downward revision of 150,000 in the leisure and hospitality industry. The manufacturing sector added 115,000 fewer jobs than initially projected, while employment within the retail trade sector was lower by 129,000.
Meanwhile, employment in the private education and health services sector was revised up by 87,000, transportation and warehousing by 56,400, and other services by 21,000. Government jobs saw 1,000 more jobs added during the reported period.
