Over 800,000 fewer jobs were added by employers in the last few months, but consumer sentiment about the economy is still strong.
The U.S. Bureau of Labor Statistics just reported that the U.S. added 818,000 fewer jobs over the last 12 months than they previously predicted. The -0.5% difference was reported in the preliminary estimate of the annual revision to the BLS employment series. Consumers won’t know the final numbers until February.The largest discrepancy occurred in the professional and business services sector, with the revision showing 358,000 fewer jobs than originally reported.
"Our restrictive monetary policy helped restore balance between aggregate supply and demand, easing inflationary pressures and ensuring that inflation expectations remained well anchored," Powell said.With inflation on the right trajectory, after a dip in progress earlier in the year, Americans can expect rate cuts soon. These cuts affect borrowing costs for mortgages, vehicles and student loans, among other lending options.
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