For much of the last year, the US has reported strong jobs growth in defiance of economist expectations – and public sentiment.
The gains have surprised many because businesses and households are facing the highest borrowing costs in a generation, which would ordinarily trip-up growth.
As the Republican response underlined, the revisions bolster arguments that the labour market is on shakier ground than understood.
Many analysts said the new numbers would strengthen the case for the US central bank to cut interest rates at its next meeting in November. That is already expected, as it tries to head off further weakening in the job market.
But the change didn’t set off widespread alarms.
Financial markets, which were roiled by jitters about the economy earlier this month, took the latest data largely in stride, noting that they were in line with expectations.
“Non-farm payroll growth from April 2023 to March 2024 looks to be softer than first thought, but not worryingly so,” wrote Olivia Cross, North America economist at Capital Economics.
