Revised (Down)

Uncle Sam’s labor market isn’t as hot as he thought.

On Wednesday, the Bureau of Labor Statistics revised its numbers to show the U.S. added 2.1 million jobs from April 2023 to March 2024… 818,000 fewer than the 2.9 million jobs it previously reported. Annual revisions typically move the jobs number by ~173,000 jobs (up or down); this is the largest downward revision since 2009.

Republicans saw the revision as evidence that Democrats have been misrepresenting the economy’s health, while the White House said it “doesn’t change” that the Biden Administration has overseen a “strong jobs recovery.”

For investors, it solidifies next month’s expected interest rate cut by the Federal Reserve. Investors see a 75% chance rates are cut by 0.25 percentage points and a 25% chance they’re cut by more.

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RADIATE HOPE
Whether the economy thrives or collapses, God is good and in control. In the midst of uncertainty on earth, set your hope on the abundance we will enjoy with Christ when he comes. 

“Blessed be the God and Father of our Lord Jesus Christ. Because of his great mercy he has given us new birth into a living hope through the resurrection of Jesus Christ from the dead and into an inheritance that is imperishable, undefiled, and unfading, kept in heaven for you.” 
1 Peter 1:3-4 (CSB) (read full passage)