US revises jobs report, says created 818K fewer jobs than estimated from spring 2023 to spring 2024

The government admitted Wednesday that job creation was much slower than it originally reported, slashing more than 800,000 jobs from its earlier tallies in a report just 24 hours before Vice President Kamala Harris accepted the Democratic nomination for president.

The revision is for the estimate of jobs created from spring 2023 to spring 2024, suggesting a "cool off" in the labor market.

The revised estimate stated the U.S. added 2.1 million jobs from April 2023 to March 2024. The original estimate pegged job creation at 2.9 million during that period, Market Watch reported.

Beyond the timing for Harris at the Democratic National Convention in Chicago, the revision may also fuel further criticism of the Biden-Harris administration's economic policies.

The revision means the U.S. added an average of just 173,000 jobs per month instead of an average of 242,000 per month.

The revised figure may lead the Federal Reserve to cut interest rates, consistent with its mandate "to keep inflation low and employment high."