Job growth in the U.S. in the 12 months to March was significantly less than what was reported earlier, preliminary revisions released by the Bureau of Labor Statistics showed on Tuesday, signaling that the labor market began cooling earlier than estimated and strengthened the case for interest rate cuts from the Federal Reserve next week.
The latest Current Employment Statistics (CES) national benchmark revision revealed that the employment growth figure for the 12-month period to March was revised lower by 911,000 or 0.6 percent, which is the biggest in recent decades. The downgrade means that the U.S. economy created less than half the jobs previously reported for the time period.
by Jyotsna V
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