WASHINGTON (AP) — The U.S. job market was much weaker in 2024 and early this year than originally reported, adding to concerns about the health of the nation's economy.
Employers added 911,000 fewer jobs than originally reported from April 2024 through March, the Labor Department reported Tuesday.
The department issues the so-called benchmark revisions every year. They are intended to better account for new businesses and ones that had gone out of business. The numbers issued Tuesday are preliminary.
Final revisions will come out in February 2026.
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.
The report comes after the department reported Friday that the economy generated just 22,000 jobs in August, adding to fears that President Donald Trump's erratic economic policies, including massive and unpredictable taxes on imports, have created so much uncertainty that businesses are reluctant to hire.
Last year, the benchmark revisions showed 818,000 fewer jobs from April 2023 through March 2024. Then-presidential candidate Trump declared the numbers had been rigged to conceal economic weakness and help Democrats in the 2024 election. However, he did not explain why the government would release the revised numbers two and a half months before voters went to the polls.
The revisions will likely increase pressure on the Federal Reserve to cut interest rates at its meeting later this month to give the economy a boost.
