According to new data released on Wednesday, 21st of August, 2024, US job growth during much of the past year was significantly weaker than initially estimated.

CNN reports that the Bureau of Labor Statistics’ preliminary annual benchmark review of employment data suggests that there were 818,000 fewer jobs in March of this year than were initially reported.

The department’s estimate for total payroll employment for the period from April 2023 to March 2024 was lowered by 818,000. The revision represented a total downward change of about 0.5% and means that monthly job gains during the period averaged roughly 174,000, compared to the previously reported figure of 242,000.

The sharply lower number is the first of two “benchmark” annual revisions undertaken by the department as it collects more accurate data only available in the months after it publishes the monthly payrolls report.

If the tally holds through the final revision in February, it would be the largest downward revision since the 902,000 reduction to employment in March 2009.

It also chimes with the view of some economists that data-gathering issues mean the strong job gains previously reported have been systematically overestimated.