{"id":2009500,"date":"2023-08-23T15:00:02","date_gmt":"2023-08-23T19:00:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/government-revises-employment-data-306000-private-jobs-vanish\/"},"modified":"2023-08-23T15:05:13","modified_gmt":"2023-08-23T19:05:13","slug":"government-revises-employment-data-306000-private-jobs-vanish","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/government-revises-employment-data-306000-private-jobs-vanish\/","title":{"rendered":"Government revises employment data: Private job loss at 306,000."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgovernment-revises-employment-data-306000-private-jobs-vanish%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2009500&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>U.S. Employment Growth Revised Lower Than Expected<\/h2>\n<p>The \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nearly-7-6-million-waiting-for-treatment-in-uks-nhs\/\" title=\"Over 7.6 million people await treatment in the UK's NHS.\">latest data reveals<\/a> that U.S. employment growth over \u2062the past\u200c year has been weaker than previously reported by the \u200cfederal government. The Bureau of\u2064 Labor Statistics (BLS)\u200b recently published its annual benchmark review of payroll figures, covering\u2063 the 12 months ending March \u200c2023. \u2063The report shows a\u2062 revision of\u200d 306,000 jobs lower, indicating approximately 25,000 fewer net jobs added per month during this period.<\/p>\n<p>Private\u200b non-agricultural payrolls \u2064were revised down by 358,000, while\u200d government \u2062payrolls\u2062 saw an upward \u2064revision \u200bof 52,000.<\/p>\n<blockquote>\n<h3>Related Stories<\/h3>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/us\/americans-demand-nearly-80000-a-year-before-accepting-new-job-ny-fed-5477991\">Americans Demand Nearly $80,000 a Year Before Accepting New Job:\u2063 NY Fed<\/a> &#8211; \u200b8\/21\/2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/opinion\/this-is-not-a-healthy-job-market-5448599\">This\u2064 Is\u200b Not a Healthy Job Market<\/a> &#8211; 8\/9\/2023<\/li>\n<\/ul>\n<\/blockquote>\n<p>The preliminary benchmark revisions affected various\u2063 sectors, with most experiencing lower job\u200d growth. Transportation\u2064 and warehousing saw a decrease of 146,400 jobs, professional and business services decreased by 116,000, private education and health services decreased by \u200c46,000, and manufacturing decreased by \u206243,000. The &#8220;other services&#8221; category saw a decline of\u200b 63,000 positions.\u200d On the positive side,\u2064 retail and wholesale trade job\u200b gains\u200b were revised higher by\u200b 38,200\u200d and 47,700,\u2064 respectively, and construction positions were adjusted upward by 30,000.<\/p>\n<p>Overall, the benchmark revision amounted to a negative 0.2 percent, according to the BLS. This is higher than the average adjustment\u2063 of 0.1 percent over the past decade, with a range of negative 0.3 percent to\u200d 0.3 \u2062percent.<\/p>\n<p>Revisions have played a significant role in monthly job reports, as\u2064 employment gains have consistently been revised lower throughout this year. The July jobs report revised down the May and June employment \u200cgains by a combined 49,000. This marks the \u200dfirst time since 2007, during the housing \u200dbubble \u2063peak, that the U.S. \u2064economy has seen six \u200dconsecutive months\u2064 of downward revisions outside of recessions.<\/p>\n<p>It&#8217;s important to note \u2064that the current preliminary\u2063 revision\u2064 will not <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/government-revises-employment-data-306000-private-jobs-vanish\/\" title=\"Government revises employment data: Private job loss at 306,000.\">impact existing employment\u200d numbers<\/a>.<\/p>\n<h2>Putting Out the Fire<\/h2>\n<p>The U.S. labor market has been \u2062on fire since 2021, with \u200bthe \u200ccountry recovering all jobs lost \u2062during \u2063the pandemic, a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-seeks-to-redefine-recession\/\" title=\"White House Seeks to Redefine \"Recession\"\">historically low unemployment rate<\/a> of 3.5 percent, and significant nominal wage growth. However, as the\u2062 Federal Reserve&#8217;s higher interest rates begin to affect the national\u2064 economy, signs of cooling off are emerging in the\u2063 labor market. Mark\u200c Zandi, the chief economist\u2062 at Moody&#8217;s Analytics, points out that job growth has been slower than estimated, according to the BLS benchmark revisions. The revisions suggest that average monthly job \u200bgrowth\u2064 in\u200d the year ending \u200cin March is around 300,000, \u2064and less than 200,000 since then. While\u2063 still strong, the pace is slowing.<\/p>\n<p>The July job report showed \u200da figure below the monthly\u2063 average\u2064 gain of approximately \u200d300,000 over the past \u206212\u2063 months, marking the lowest number since 2020.<\/p>\n<p>The Department of Labor&#8217;s Diffusion Index, which measures the percentage of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/november-jobs-report-may-be-misleading-experts-warn\/\" title=\"November Jobs Report May Be Misleading, Experts Warn\">industries adding jobs<\/a>, dropped to 57.2 in July from 72.2 a year ago (anything above 50 indicates expansion). The manufacturing component, monitoring 72 industries, also decreased to 53.5 from\u200b 67.4 in July 2022.<\/p>\n<p>Temporary work employment has also\u200b eased, reaching a two-year low with a decline of 22,000 jobs in July and a total decrease\u2063 of about 205,000 since the \u2064peak in March 2022. Economists consider this a leading \u2062indicator of a cooling labor market, as temporary staff are typically the\u2064 first to \u200dbe let go when growth slows or declines.<\/p>\n<p>&#8220;The U.S. economy is expected to grow very little in 2023. This would lead to \u2062a jump in unemployment to \u2062as high\u200b as 4.6 percent, according to the Federal Reserve,&#8221; said Jill Gonzalez, a WalletHub analyst. &#8220;Both of these things would be signs of the Fed continuing to try and get a handle on inflation.\u2063 If this &#8216;worst-case scenario&#8217; comes \u200dtrue, it could mean that mill<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Newly revised data reveals that U.S. employment growth in the past year has been lower than reported by the federal government. The Bureau of Labor Statistics (BLS) conducted its annual benchmark review of payroll figures, published on Aug. 23, which covered the 12 months ending March 2023. The report indicates a downward revision in U.S. payroll growth.<\/p>\n","protected":false},"author":278,"featured_media":2009502,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2009500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2009500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/278"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2009500"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2009500\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2009502"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2009500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2009500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2009500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}