Yes, the negative job adjustment in the January report is the largest recorded since 2009, but it does not mean that the economy is “worse than thought”

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Yes, the negative job adjustment in the January report is the largest recorded since 2009, but it does not mean that the economy is “worse than thought”

If you only have a few seconds, read these lines: The director of the National Economic Council (NEC) of the White House, Kevin Hassett, said that the downward revision of the employment figures for the 12 months to March 2024 is the largest recorded since 2009. This is true. Between April 2023 and March 2024, 2.1 million jobs were added, which means 589,000 jobs less than previously estimated. This has been the biggest downward revision since 2…