US economy added fewer jobs than initially reported

The U.S. economy added 818,000 fewer jobs between April 2023 and March of this year than initially reported, the government reported Wednesday.

The revised figure is another sign that the labor market has been slowing and will likely give the Federal Reserve more reason to start cutting interest rates.

The Labor Department estimated that job growth averaged 174,000 a month in the 12 months ended in March, down 68,000 a month from the 242,000 originally reported.

The changes announced on Wednesday are preliminary, and the final figures will be released in February of next year.

The new figures follow a worse-than-expected July jobs report, prompting many economists to suggest the U.S. central bank waited too long to cut interest rates to stimulate the economy.

Unemployment rose for the fourth consecutive month in July to 4.3%, with employers adding just 114,000 jobs.

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