Revised BLS data shows the job market is weaker than expected

The labor market may be weaker than previously reported. According to newly revised Bureau and Labor Statistics (BLS) data, the U.S. added nearly a million fewer jobs than it had said earlier.

On Tuesday, a press release explained that 911,000 fewer jobs (-0.6%) were added to the U.S. economy over the last year, in a period that ended in March. The new data reveals that only an estimated 70,000 jobs were added each month, instead of 147,000. Overall, only 850,000 were added to the market over the past year, less than half of what was previously reported.

The new report is significant, as it marks the largest preliminary revision of BLS data since the year 2000. The data also represents the largest number of jobs lost since the 2009 financial crisis. The official report will come in Febru