Fox News reports the following:
The Bureau of Labor Statistics revised down its total tally of jobs created in the year through March by 818,000 as part of its preliminary annual benchmark review of payroll data. That suggests the economy added an average of 174,000 jobs per month during that time period – below the previous 242,000 estimate.
It marks the largest downward revision since 2009.
Markets started to grow concerned about the state of the labor market after the worse-than-expected July jobs report, which showed that employers added just 114,000 jobs last month and the jobless rate unexpectedly climbed to 4.3%.
By at least one measure - the Sahm rule - we have an early indication of a recession on the horizon. It appears the BLS has been working to make the Biden-Harris administration economic policy look better than it actually was.
The direction and approximate size of this downward revision were leaked on Sunday, today we have the actual report.
