Federal Analysis: Economy created half a million fewer jobs than reported
The Trump administration announced Wednesday that the US economy actually created about 500,000 fewer jobs during 2018 and early 2019 than originally reported, reportedly the largest revision of economic figures in ten years.
A report from the Bureau of Labor Statistics (BLS) found that 501,000 fewer non-farm jobs were created in 2018 and the first three months of 2019, with the largest audits in the retail, business services and hospitality sectors.
Economist Greg Daco of Oxford Economics wrote in tweets Wednesday morning that the revision was BLS & # 39; largest since 2009 and predicted that job growth will slow in the months ahead.
"New data shows lower employment growth (we extrapolated revisions) into 2020. Maturing the # labor market will mean less job growth going forward," he wrote.
New data shows slower employment growth (we extrapolated revisions) into 2020.
Maturing #labor market will mean less job growth in the future pic.twitter.com/QRC3hann9A
̵[ads1]1; Gregory Daco (@GregDaco) August 21, 2019
The BLS did not immediately return a request for comment Wednesday night from The Hill on revisions.
Unemployment in the United States is 3.7 percent nationally, the agency said earlier this month, with employment participation of around 63 percent.
