8/21, 5:26 PM (Source: TeleTrader)
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US cuts employment estimate by half million

Nonfarm payrolls increased by 501,000 less than previously reported as of the end of March, the United States Bureau of Labor Statistics said on Wednesday. The preliminary estimate from the annual review compares to last year's change of only 43,000. The figure was cut by 0.3% or 0.4% in total private employment. The final findings are scheduled to be revealed in February with the monthly report on the month before.

The calculations are made with data from employers' state unemployment insurance tax records. The average revision in the past decade was 0.2%. The flash update reveals the biggest impact in leisure and hospitality, 175,000, and professional and business services, 163,000.

Trade, transportation and utilities followed, as the item was mended to show 104,000 fewer jobs were created. It was mostly in the retail trade subsection (146,400) against an upward change of 78,700 in transportation and warehousing.

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