| | | BOMBSHELL: Post-tax cut job gains were MUCH LOWER than initially thought. 514,000 LOWER
cnbc.com
PUBLISHED FRI, FEB 7 202011:05 AM EST
Jeff Cox @JEFF.COX.7528 @JEFFCOXCNBCCOM
KEY POINTS
- The government revised its job growth totals for the year ending in March 2019 down 514,000.
- That was higher than the original estimate but not as bad as some on Wall Street had feared.
That high-powered job growth following the 2017 tax cut lost a little of its sizzle Friday after the government released revised figures over the past year.
Benchmark revisions to the March 2019 payrolls number showed the economy created 514,000 fewer jobs than initially reported over the previous 12-month period. That was slightly more than the initial estimate and took monthly job creation below 200,000 in the months following the December 2017 reform bill that slashed corporate taxes and cut levies for many Americans.
“The increase in the pace of payroll growth visible in the previous data for 2018, which most analysts ascribed to the tax cuts, has disappeared,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a note. “The new data show that the trend in job growth stepped down in 2016 and has been little changed, net, since then.”
Friday’s report on nonfarm payrolls showed a gain of 225,000, much stronger than what Wall Street had anticipated and a sign that there is considerable slack left in the economy and room for more growth.
But MANUFACTURING ALSO SHOWED THAT JOBS CONTINUE TO DECLINE DOWN ANOTHER 17,000 JOBS. |
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