The US economy created half a million fewer jobs last year than previously thought

The nation's job market is strong -- just not quite as strong as previously believed.

The Labor Department is revising down the number of jobs that employers added to payrolls by 501,000 during the 12-month period that ran from April, 2018 through March of this year. The government initially estimated the economy added 2.5 million jobs during those 12 months, or just over 200,000 a month. Now it appears it will be closer to 170,000 a month on average.

But it's not quite as hot as previously believed, and risks that unemployment will start to rise if employers slow their pace of hiring any further.Read MoreIs a recession coming? Here's how to tellThis revision shows that the battered retail sector, hit by store closings and a shift of shoppers to online purchases, cut far more jobs than the previous estimate. The government previously believed retailers cut 32,500 jobs in the period. Now it puts that loss at nearly 180,000 jobs.

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