News Tech: WASHINGTON, Aug 24 (Reuters) – The U.S. economy likely created 462,000 more jobs in the 12 months through March than previously estimated, the Labor Department’s Bureau of Labor Statistics said on Wednesday.
The private sector will likely account for all the upward revision, with an estimated additional 571,000 jobs. Government payrolls are likely to be cut by 109,000 jobs.
The reading is a preliminary estimate of the BLS’ annual “benchmark” revision to the closely watched payrolls data.
“While an ‘extra’ 462,000 jobs is notable to some degree, it boosts employment growth by only 39,000 jobs per month on average over the year through March 2022,” said Daniel Silver, an economist at JPMorgan in New York.
Once a year, the BLS compares its nonfarm payrolls data, based on monthly surveys of a sample of employers, with a much more complete database of unemployment insurance tax records.
A final benchmark revision will be released in February along with the BLS’ report on employment for January. Government statisticians will use the final benchmark count to revise payroll data for months both prior to and after March. RegisterReporting by Lucia Mutikani; Editing by Chizu Nomiyama
Source: Reuters Trust Principles.