US added 911,000 fewer jobs than reported, adding to Trump economy fears
The lower numbers spark fears that Trump’s erratic economic policies have created so much uncertainty that businesses are reluctant to hire
Employers added 911,000 fewer jobs than originally reported in the year that ended in March, the Labour Department reported on Tuesday.
The department issues the so-called benchmark revisions every year. They are intended to better account for new businesses and those that have gone out of business. The numbers issued on Tuesday are preliminary. Final revisions will come out in February next year.
The revision showed that leisure and hospitality firms – including hotels and restaurants – added 176,000 fewer jobs than originally reported, professional and business services companies 158,000 fewer and retailers 126,000 fewer.
Sal Guatieri, senior economist at BMO Capital Markets, said the revisions painted “a much weaker portrait of the job market than initially thought”.