Over the past year, the US has added less than 800,000 jobs than anticipated.
This means about 2 million jobs were created in 2023 instead of the projected 3 million. The revised amount doesn’t refer to job losses. It’s simply the actual number of jobs that were added during this period.
However, the new data might also mean that a more significant economic downturn is coming. The unemployment rate at 4.3% is at a post-pandemic high.
According to NBC, those looking for jobs hit the highest level in a decade last month. This included both employed and unemployed individuals.
White House Chief Economic Adviser Jared Bernstein said in a statement that despite these concerns, the data in question “doesn’t change the fact that the jobs recovery has been and remains historically strong.”