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The job market has been cooling for longer than originally predicted.
A new estimate from the Bureau of Labor Statistics found that employers added 818,000 fewer jobs between April 2023 and March 2024 than what was originally reported. The new data, released on Wednesday, marks the largest downward revision in more than 15 years.
Let’s take a closer look at the numbers and learn more about what the revision means for HR pros.
Hindsight is 20/20. Employers added just 2.1 million jobs between April 2023 and March 2024, far fewer than the 2.9 million originally estimated, the BLS’s revision found. The new estimate