US has half a million fewer jobs than believed after big government revision

https://news.yahoo.com/us-half-million-fewer-jobs-194958111.html

Paul Davidson
,USA TODAY•August 21, 2019

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The Labor Department revised down total job gains from April 2018 to March 2019 by 501,000, the agency said Wednesday, the largest downward revision in a decade.

The agency’s annual benchmark revision is based on state unemployment insurance records that reflect actual payrolls while its earlier estimates are derived from surveys. The preliminary figure could be revised further early next year.

The large change means job growth averaged 170,000 a month during the 12-month period, down from the 210,000 initially estimated, according to JPMorgan Chase.

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