CNN: U.S. Added 818,000 Fewer Jobs than Previously Reported from March 2023 to March 2024

ACOSTA Some breaking news ░░░░░░░░ CNN right now The ░░░░░░░░ growth has been far ░░░░░░░░ in the U S ░░░░░░░░ originally reported that is ░░░░░░░░ to the new data ░░░░░░░░ coming in this morning ░░░░░░░░ s get right to ░░░░░░░░ s Matt Egan What ░░░░░░░░ the headline Matt EGAN ░░░░░░░░ 818 000 fewer jobs ░░░░░░░░ added during the period ░░░░░░░░ April 2023 and March ░░░░░░░░ this year We were ░░░░░░░░ for these revisions to ░░░░░░░░ out and show that ░░░░░░░░ growth was weaker and ░░░░░░░░ is what we got ░░░░░░░░ is probably on the ░░░░░░░░ end of the expectations ░░░░░░░░ of the forecasters had ░░░░░░░░ saying probably around few ░░░░░░░░ thousand jobs Goldman Sachs ░░░░░░░░ said maybe up to ░░░░░░░░ million So this is ░░░░░░░░ the higher end We ░░░░░░░░ seeing some of the ░░░░░░░░ revisions downward in sectors ░░░░░░░░ include manufacturing leisure and ░░░░░░░░ professional and business services ░░░░░░░░ course some sectors actually ░░░░░░░░ more jobs than were ░░░░░░░░ known private education health ░░░░░░░░ transportation and warehousing We ░░░░░░░░ at the market not ░░░░░░░░ massive reaction from the ░░░░░░░░ I think that s ░░░░░░░░ part because this is ░░░░░░░░ backwards looking data What ░░░░░░░░ really care about is ░░░░░░░░ happens next And these ░░░░░░░░ out today they do ░░░░░░░░ the idea that the ░░░░░░░░ market has been weaker ░░░░░░░░ we previously thought and ░░░░░░░░ it has been slowing ░░░░░░░░ That makes sense because ░░░░░░░░ know the Fed has ░░░░░░░░ working hard to slow ░░░░░░░░ economy down as it ░░░░░░░░ to fight inflation So ░░░░░░░░ do think that the ░░░░░░░░ that the economy had ░░░░░░░░ than 800 000 fewer ░░░░░░░░ than previously known supports ░░░░░░░░ idea that the Fed ░░░░░░░░ going to start cutting ░░░░░░░░ rates next month The ░░░░░░░░ still remains whether or ░░░░░░░░ it s a quarter ░░░░░░░░ a point or a ░░░░░░░░ interest rate cut but ░░░░░░░░ way it s going ░░░░░░░░ lower mortgage rates credit ░░░░░░░░ rates and car loan ░░░░░░░░ Jim ACOSTA Yeah all ░░░░░░░░ data points are very ░░░░░░░░ and you have to ░░░░░░░░ it s all being ░░░░░░░░ into consideration for that ░░░░░░░░ decision that s coming ░░░░░░░░ the Fed Matt Egan ░░░░░░░░ you very much Really ░░░░░░░░ it.”