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US job growth revised down by 911,000 through March, signaling economy on shakier footing than realized
The labor market created far fewer jobs than previously thought, according to a Labor Department report Tuesday that added to concerns both about the health of the economy and the state of data collection. Annual revisions to nonfarm payrolls data for the year prior to March 2025 showed a drop of 911,000 from the initial estimates, according to a preliminary report from the Bureau of Labor Statistics. The total revision was on the high end of Wall Street expectations, which ranged from a low around 600,000 to as many as a million. The revisions were more than 50% higher than last year’s adjustment and the largest ... (full story)
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From @zerohedge|Sep 9, 2025|253 commentsBOOM: Payrolls revision -911K, biggest on record!
Current Employment Statistics Preliminary Benchmark (National) - March 2025 The preliminary estimate of the Current Employment Statistics (CES) national benchmark revision to total nonfarm employment for March 2025 is -911,000 (-0.6 percent), the U.S. Bureau of Labor Statistics reported today. The annual benchmark revisions over the last 10 years have an absolute average of 0.2 percent of total nonfarm employment. In accordance with usual practice, the final benchmark revision will be issued in February 2026 with the publication of the January 2026 Employment Situation news release. Each year, CES employment estimates are benchmarked to comprehensive counts of employment from the Quarterly Census of Employment and Wages (QCEW). These counts are derived primarily from state unemployment insurance (UI) tax records that nearly all employers are required to file with state workforce agencies. The preliminary benchmark revision reflects the difference between two independently derived employment counts, each subject to their own sources of error. It serves as a preliminary measure of the total error in CES employment estimates from March 2024 to March 2025. Preliminary research, which is not comprehensive and is subject to updates in QCEW data, indicates that the primary contributors to the overestimation of employment growth are likely the result of two sources—response error and nonresponse error. First, businesses reported less employment to the QCEW than they reported to the CES survey (response error). Second, businesses who were selected for the CES survey but did not respond reported less employment to the QCEW than those businesses who did respond to the CES survey (nonresponse error). Estimates of other errors, such as the forecast error from the net birth-death model, are not available at this time. Information on how the net birth-death forecasts have reduced benchmark revisions historically are available on the CES Birth-Death Model Frequently Asked Questions page in question 10, www.bls.gov/web/empsit/cesbdqa.htm. The preliminary benchmark revisions in table 1 are calculated only for March 2025 for the major industry sectors. As is typically the case, many of the individual industry series show larger percentage revisions than the total nonfarm series, primarily because statistical sampling error is greater at more detailed levels than at an aggregated level. US BLS: PRELIMINARY BENCHMARK REVISION FOR MARCH 2025 PRIVATE PAYROLLS -880,000; GOVERNMENT PAYROLLS -31,000 #BLS #payrolls #benchmark #economy
From youtube.com/forexcom|Sep 9, 2025The BLS's annual benchmark revisions are expected to show far slower job growth in the US - will it lead to additional selling in the US dollar? FOREX.com's Global Head of ...
From @realDonaldTrump|Sep 9, 2025|15 comments
“If the Fed had followed what we published, they would have raised rates in early 2021. The entire Organization is broken. It needs to be fixed. They need to use modern sources of information.We strongly disagree with Ken Griffin. We think Incompetence is more important than to defend theoretical independence. He (“Too Late!”) has done a terrible job since he adapted a two target? It’s too low, it’s too rigid, they followed Data that’s years delayed. They don’t believe that money supply matters, it’s like the Pope not believing in Jesus. We think that’s a much bigger problem than this notion that they are dependent, or they’re not independent.” Jay Hatfield Infrastructure Capital Advisors, CEO & CIO, on Maria B. “Chair Powell was late to raise rates, they need to come down here, there’s no question about it. He’s dragging his feet. The Feds going to come down here 50, 75, Maybe 100.” Greg Faranello, American Securities on Maria B.
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From think.ing.com|Sep 9, 2025|3 commentsThe Bureau for Labor Statistics has just published its preliminary benchmark revisions to US non-farm payrolls for the 12 months to March 2025 and they show that rather than ...
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