Government: US economy added 818,000 fewer jobs than first reported in year that ended in March

The U.S. economy added 818,000 fewer jobs from April 2023 through March this year than were originally reported, the government says.

The revised total adds to evidence that the job market has been steadily slowing and likely reinforces the Federal Reserve’s plan to start cutting interest rates soon.

Job growth averaged 174,000 a month in the 12 months that ended in March — a drop of 68,000 a month from the 242,000 that were initially reported.

The revisions are preliminary, with final numbers to be issued in February next year.

This is a developing story. Check back for updates as more information becomes available.

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