New BLS Report Revises 2023 Job Growth Down by 818,000

The Bureau of Labor Statistics released its revision for the March 2022–March 2023 employment statistics. The announcement showed that the total number of annual nonfarm jobs added during the period was 818,000 fewer than originally anticipated. Instead of job growth of 2.9 million, the past year saw job growth of just over 2 million, a decrease of almost 30 percent.

While analysts were expecting a downward revision, the magnitude of the change—significantly higher than the average annual revision—may weigh on Vice President Kamala Harris’s campaign, as voters evaluate candidates for their capacity to manage the economy effectively.

The lower jobs numbers are also expected to ensure a decrease in interest rates by the Federal Reserve, which meets to discuss the possibility on September 17 and 18.

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