CNN: U.S. Added 818,000 Fewer Jobs than Previously Reported from March 2023 to March 2024

ACOSTA: “Some breaking news into CNN right now. The job growth has been far weaker in the U.S. than originally reported — that is according to the new data just coming in this morning. Let‘s get right to CNN‘s Matt Egan. What‘s the headline, Matt?”
EGAN: “Jim, 818,000 fewer jobs were added during the period between April 2023 and March of this year. We were bracing for these revisions to come out and show that job growth was weaker, and that is what we got. This is probably on the high end of the expectations. Some of the forecasters had been saying probably around few hundred thousand jobs. Goldman Sachs had said maybe up to a million. So, this is on the higher end. We‘re seeing some of the biggest revisions downward in sectors that include manufacturing, leisure and hospitality, professional and business services. Of course, some sectors actually added more jobs than were previously known: private education, health services, transportation and warehousing. We look at the market, not a massive reaction from the market. I think that‘s in part because this is somewhat backwards-looking data. What investors really care about is what happens next. And these numbers out today, they do support the idea that the jobs market has been weaker than we previously thought and that it has been slowing down. That makes sense because we know the Fed has been working hard to slow the economy down as it tries to fight inflation. So, I do think that the fact that the economy had more than 800,000 fewer jobs than previously known supports the idea that the Fed is going to start cutting interest rates next month. The question still remains whether or not it‘s a quarter of a point or a larger interest rate cut, but either way, it‘s going to lower mortgage rates, credit card rates, and car loan rates. Jim?”
ACOSTA: “Yeah, all these data points are very important and you have to think it’s all being taken into consideration for that critical decision that’s coming from the Fed. Matt Egan, thank you very much. Really appreciate it.”