US Job Growth Revised Down 911K Through March 2025

The U.S. Bureau of Labor Statistics (BLS) released a preliminary benchmark revision indicating that the economy created approximately 911,000 fewer jobs from April 2024 through March 2025 than previously estimated, marking the largest downward revision on record. This revision, based on more comprehensive data including state unemployment insurance records, business openings, and closings, significantly lowers job growth estimates across sectors such as retail trade, leisure and hospitality, and professional services. The downward adjustment follows signs of a softening labor market, with recent months showing minimal payroll growth and even job losses, raising concerns about the economy's health amid inflation pressures. The revision has fueled criticism and political controversy, with President Donald Trump previously dismissing BLS data and replacing its commissioner, while allies argue the revision exposes flaws or intentional misreporting in labor market statistics. Despite these concerns, economists do not expect the revision to materially alter Federal Reserve policy, which is anticipated to continue cutting interest rates. The final benchmark revision will be published with the January 2026 employment report, providing a more complete picture of job growth trends over the past year.