Half a million fewer jobs created last year than previously thought

Half a million fewer jobs created last year than previously thought
The economy added fewer jobs last year than previously thought, but unemployment remains low, according to the Labor Department.

(CNN) – The U.S. job market is not quite as strong as originally thought.

The Labor Department is now saying the economy added 501,000 fewer jobs last year than it previously reported.

The government previously estimated that employers added 2.5 million jobs between April 2018 and March 2019.

As more detailed data came in, analysts revised that number.

Numerous factors contributed to the revision, including nearly 180,000 jobs cut in the retail sector. Those cuts were initially estimated at 32,500.

The new numbers aren’t enough to bring up the unemployment rate, which is at a nearly 50-year low.

There are still more jobs available than there are unemployed people seeking them.

The revision by the Labor Department is preliminary. The final jobs numbers won’t be available until February.

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