Market Watch: The U.S. created 514,000 fewer jobs in 2018-19 than originally reported — here’s what that means
Washington, February 10, 2020
The U.S. created 514,000 fewer jobs in 2018-19 than originally reported — here’s what that means
By Jeffry Bartash - 02/07/2020
The U.S. economy created about a half-million fewer jobs in 2019 and 2018 than it first appeared, but it doesn’t mean the labor market isn’t strong.
The government as expected pruned the level of overall U.S. employment by 514,000 as of March 2019, with almost all of the reduction coming in 2018.
Employment gains in 2018 were lowered to 2.3 million from 2.7 million — an average of 30,000-a-month fewer than previously reported.
A big surprise? No. The U.S. Bureau of Labor Statistics previewed the cut last summer, as it always does.
The updated employment numbers are produced annually after government statisticians examine company tax and payrolls records from the Internal Revenue Service that aren’t immediately available.
“In the first three years of his administration, 1.5 million fewer jobs, or 42,000 per month, have been added than in the last three years of the Obama presidency,” said Rep. Don Beyer, the Democratic vice chairman of the Joint Economic Committee.