U.S. job gains over the 12 months ending in March were revised downward Wednesday by 818,000 — a significant revision that adds to recent concerns that the economy has been slowing. The change means that roughly 2.1 million jobs were created in the U.S. in the past year, compared with about 2.9 million prior to the revision. The new figures do not represent job losses — merely new estimates of how many jobs were actually created during the period in question. ‘Even after these large downward revisions, the labor market looks to have been on solid footing,’ Bank of America research analysts said after the report’s release. The data serves as additional evidence that a more significant downturn in the U.S. economy may be afoot. While the economy has grown steadily in recent quarters, often outpacing expectations, the unemployment rate recently climbed to a new post-pandemic high of 4.3% (the data…
