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US revises down its annual job growth by 911,000
US job growth was significantly weaker than previously reported in the year through March, the government estimated on Tuesday, ahead of a central bank policy meeting next week.
US revises down its annual job growth by 911,000
President Donald Trump's administration has accused the administration of his predecessor, Joe Biden, of inflating job growth data. / Reuters
10 hours ago

US job growth was significantly weaker than previously reported in the year through March, the government estimated on Tuesday, ahead of a central bank policy meeting next week.

The bad news on jobs prompted the White House to renew calls for an interest rate cut, alongside its criticism of Labor Department data.

US employment growth is likely to be revised down by a record 911,000 for the 12 months ending in March, according to preliminary data by the Department of Labor.

Prior to this estimate, government data indicated that employers added almost 1.8 million jobs over the period, covering the final months of former President Joe Biden's administration and the start of President Donald Trump's second White House term.

'Largest downward revision on record'

Such revisions are part of an annual exercise by the government, and the final tally will be released early next year.

But White House Press Secretary Karoline Leavitt cited this "largest downward revision on record" in calling Biden's economy "a disaster."

She pushed for Federal Reserve Chair Jerome Powell to slash interest rates immediately, telling a press briefing that the independent central bank needed "new leadership."

Leavitt also criticised the Labor Department's Bureau of Labor Statistics over its payrolls data and revisions, saying this reinforced a need for a new chief there as well.

'Truthful and honest data'

After a weak employment report released in early August, the president fired the commissioner of labor statistics, Erika McEntarfer, and has since named a conservative economist to replace her.

Asked when numbers might improve under Trump, Leavitt said that officials first "need truthful and honest data."

The preliminary revision is larger than last year's downward adjustment of 818,000, which sparked an outcry from Trump ahead of the November presidential election.

At the time, Trump accused the Biden administration of manipulating jobs numbers, claiming it was a "massive scandal."

SOURCE:AFP
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