Revised numbers show US job growth is lower than expected

The US job market grew far less than reported in 2024, with the Labor Department’s Bureau of Labor Statistics (BLS) cutting 911,000 jobs from its count for the year ending in March.

The BLS data on Tuesday showed reduced average monthly gains from 147,000 to just over 70,000. This marks the largest preliminary revision in total jobs since 2000.

Leisure and hospitality lost the most, with 176,000 fewer positions, while retail, professional services, manufacturing, and wholesale trade also showed big cuts. 

The information sector saw the sharpest percentage decline.

The BLS said the overcount stemmed from survey gaps and flawed estimates of new businesses.

Economists expect the official revision in February may be smaller, but the report fuels concerns that the labor market started from a weaker base.