The U.S. economy added 818,000 fewer jobs than initially reported for the 12-month period ending in March 2024, according to the Labor Department’s latest revision.

The Bureau of Labor Statistics’ adjustment shows job growth was nearly 30% lower than the previously reported 2.9 million, marking the largest downward revision since 2009.

Despite the revision, job creation still exceeded 2 million during the period, though the weaker labor market may prompt the Federal Reserve to consider lowering interest rates.

Significant job growth reductions were seen in sectors like professional and business services, leisure and hospitality, and manufacturing.

Meanwhile, sectors like private education, health services, and transportation saw upward revisions.

The unemployment rate has risen to 4.3%, which could indicate a potential recession, CNBC has reported.

The Federal Reserve is expected to closely monitor the situation and may announce an interest rate cut in their September meeting.

Written by B.C. Begley