09.09.202514:09:02UTC+00US Nonfarm Payrolls Revised Down by 911K

The US economy experienced a reduction of 911,000 jobs over the 12 months leading up to March 2025 compared to initial estimates, as indicated by the Bureau of Labor Statistics' preliminary benchmark revision. This adjustment marks a 0.6% decrease, contrasting with the typical absolute average shift of 0.2% in total nonfarm employment over the last decade. Nearly all sectors recorded fewer job additions than originally reported, with significant downward revisions observed in leisure and hospitality (-176,000), professional and business services (-158,000), retail trade (-126,200), and wholesale trade (-110,300). However, there were slight upward revisions in sectors such as transportation and warehousing (+6,600) and utilities (+3,700). This revision reflects discrepancies between two independently collected employment metrics, each influenced by unique error sources. A year prior, preliminary data indicated a downward revision of 818,000 jobs. These updated figures highlight a more substantial weakening in the labor market than was previously understood.