Turns out job growth wasn’t as robust as it appeared.
USA TODAYThe labor market seemed to defy gravity last year, generating more than 200,000 jobs a month despite a historically low unemployment rate that made it harder for employers to find workers.The Labor Department revised down total job gains from April 2018 to March 2019 by 501,000, the agency said Wednesday, the largest downward revision in a decade.
The large change means job growth averaged 170,000 a month during the 12-month period, down from the 210,000 initially estimated, according to JPMorgan Chase.Recession rumblings:Employment in several industries was revised down especially sharply. Payrolls dropped 175,000 in leisure and hospitality, and 146,000 in retail – two bellwether service sectors that depend heavily on consumer spending, the economy’s main engine.
Some industries saw their job figures revised up modestly, with a gain of 33,000 in information – including movies, broadcasting, publishing, telecommunications and some technology services – and 20,000 in financial activities. "The mystery was how the economy is continuing to get 200,000 jobs a month," says economist James Marple of TD economics."It's less of a mystery now."
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