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The Big Number: 818,000

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The Big Number: 818,000

The U.S. labor market has been less resilient than was initially believed. On Wednesday, the Labor Department said that the economy had added 818,000 fewer jobs than it had previously reported for the 12 months that ended in March.

The number means employers had overstated job growth by about 28 percent per month, especially in industries like hospitality and professional services. The downward revision adds to growing evidence of a weakening job market: The unemployment rate, though still relatively low, ticked up to 4.3 percent last month.

This adjusted number is an initial estimate of an annual revision, in which monthly employment figures from the Labor Department are reconciled with more accurate state unemployment reports. This year’s revision was unusually large: Over the previous decade, annual updates added or subtracted around 173,000 jobs, on average.

“We’ve known that things on net were probably moving gradually in the wrong direction,” said Guy Berger, director of economic research at Burning Glass Institute, a labor market research and data firm.

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