US economy added 306,000 fewer jobs than previously believed over past year

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U.S. job growth was weaker than previously projected over much of the past year. 

The Bureau of Labor Statistics on Wednesday revised down its total tally of jobs created in March by 306,000, indicating that payroll growth was likely slower than initially believed in the period from April 2022 to March 2023. 

That suggests the economy likely added an average of 311,500 jobs per month during that time period – below the previous 337,000 estimate. On a monthly basis, that amounts to about 25,000 fewer jobs.

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Construction workers on a job site on March 10, 2023 in Miami, Florida.  ((Photo by Joe Raedle/Getty Images) / Getty Images)

The agency's annual benchmark revision is mostly derived from state unemployment tax records that employers are required to file. The figure released Wednesday is preliminary and may be updated when the government releases the final figure in February 2024.

«The revised payrolls data are more consistent with evidence of a softening labor market in late 2022 and early 2023, like higher layoff announcements and jobless claims; income tax withholding fell in year-over-year terms in November and December, further evidence that the soft patch was concentrated in last year’s holiday season,» said Bill Adams, chief economist at Comerica Bank.

«But even with downward revisions, employment was growing rapidly in the year through March.»

The revisions were widespread across industries. 

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Employment in the transportation and warehousing sector saw the biggest