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The Trump administration announced on Wednesday that the US economy is creating about 500,000 fewer jobs in 2018 and early 2019 than originally announced, which would be the largest revision of economic numbers in a decade.
A Bureau of Labor Statistics (BLS) report found that 501,000 fewer non-farm jobs were created in 2018 and the first quarter of 2019, with the largest revisions occurring in the retail, business and hospitality services.
Economist Greg Daco of Oxford Economics wrote in tweets Wednesday morning that the review was the largest of BLS since 2009 and predicts that job growth will slow in the coming months.
"New data reveals a slowdown in employment growth (we have extrapolated the revisions) to 2020. The mature labor market will mean less employment growth in the future. 39, future, "he wrote.
New data reveals slower growth in employment (extrapolated revisions) from 2020.
Maturing #the hand of work market will mean less job growth in the future pic.twitter.com/QRC3hann9A
– Gregory Daco (@GregDaco) August 21, 2019
The BLS did not immediately postpone a request for comment from The Hill on Wednesday night on the revisions.
The unemployment rate in the United States is 3.7% nationally, the agency said earlier this month, with labor force participation approaching 63%.
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