US created 501,000 fewer jobs in 2018 than initially reported

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The Bureau of Labor Statistics reported that the initial estimates of job growth in 2018 and early 2019 were off — by over half a million jobs.

While revisions of job estimates are common, it is rare for estimates to be this far off. Over the last 10 years, estimate revisions have averaged a difference of 0.002%. This recent revision is a 0.3% difference.

The biggest revision went to the hospitality sector, which was reduced by 175,000 jobs. Business service job numbers were reduced by 163,000, and numbers for retail jobs were reduced by 146,600.

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