US Labor Department has revised its 12-month job growth figures downward by a substantial 818,000 jobs.
This means the actual job creation was 818,000 fewer than initially reported.
Additionally, according to the BLS’s BED survey, the US economy lost 192,000 jobs in Q3 2023 but gained 344,000 jobs in Q4 2023.
In contrast, nonfarm payroll data indicated that the labor market added 663,000 and 577,000 jobs in Q3 and Q4 2023, respectively.
This results in a staggering discrepancy of 1,088,000 jobs between the two data sources over just two quarters.
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