Today's Business Headlines: 8/21/24
The US economy wasn’t as hot as it seemed between early this year and early 2023, according to revised figures released by the feds.
The massive markdown — short of the 1 million downward revision some economists had feared, but well beyond more optimistic forecasts of 300,000 — fuels concerns that the Federal Reserve has waited too long to start cutting interest rates.The US job market did not grow as robustly as initial numbers showed, according to revised figures from the Bureau of Labor Statistics.
Wednesday’s report is part of a yearly process in which the Labor Department updates its monthly employer surveys using more comprehensive data from state unemployment tax records. The update is only preliminating and subject to a final revision in February.may reach up to 1 million fewer jobs, also noted that numbers have ended up revised upward in February during the past four years. Wells Fargo predicted that the report would show at least 600,000 fewer jobs.
Bureau Of Labor Statistics Department Of Labor Economy Federal Reserve Inflation Interest Rates Jobs Jobs Report Recession
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