By Jeffry Bartash
The labor market cooled off earlier and faster than previously reported
The U.S. added 818,000 fewer jobs than previously reported from the spring of 2023 to the spring of 2024, indicating that the labor market began to cool off earlier and faster than it appeared at the time.
The lower number of new jobs created provides further impetus for the Federal Reserve to cut interest rates in September as widely expected. The central bank is required under the law to keep inflation low and employment high.
