Government Revises Employment Data: 358,000 Private Sector Jobs Vanish

U.S. labor market shows 306,000 fewer private sector jobs over the past year than the Bureau of Labor Statistics reported.

A hiring sign is displayed at a restaurant in Prospect Heights, Ill., on April 4, 2023. Nam Y. Huh/Reuters

U.S. employment growth over the past year has been weaker than what the federal government has reported, according to newly revised data.

The Bureau of Labor Statistics (BLS) published its annual benchmark review of payroll figures on Aug. 23, covering the 12 months ending in March. The report showed that U.S. payroll growth was revised lower by 306,000 jobs, amounting to approximately 25,000 fewer net jobs added per month in this span.