The Bureau of Labor Statistics (BLS) has released its annual revision to jobs numbers, from April 2023 to March 2024. That was -818,000, or a 0.5% drop from the original estimates. This represents the biggest downward revision since 2009, according to The Hill. Typically, the annual change is 0.1% of the sum of the original reports. Last year's estimate was a downward revision of 306,000 fewer jobs, according to LPL Financial.
There are two things to consider from the report. One is the likely impact on the September rate-cutting decision of the Federal Reserve's Federal Open Market Committee. The other is changes in individual categories of jobs that might have an impact on real estate planning by companies.
Bill Adams, chief economist for Comerica Bank, pointed out in an emailed note that the revision implies an average monthly job growth of around 164,000 rather than the 209,000 the August 2, 2024, BLS jobs release claimed.
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