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US Payrolls Revised Lower; Release Process Smells
Annual US nonfarm payroll revisions were released just after 10:30amET and recorded the second biggest downward revision to the reported level of nonfarm payrolls on record since the GFC (chart 1). The way the numbers were disseminated looked awfully fishy. 818,000 jobs were taken away from reported job growth over the March 2023 to March 2024 period, which translates into an average monthly reduction of 68k fewer jobs created over the period from April 2023 to March of this year. Instead of nonfarm payrolls being up by 2.9 million between April 2023 and March 2024, the figure is now 2.082 million jobs created for an ... (full story)