English
US job growth revised down by 911,000 in year through March
A report released by the US Department of Labor on Tuesday, September 9, revealed that the US labor market created far fewer jobs than previously thought, raising concerns about the health of the economy and the state of data collection.
The annual revisions to nonfarm payrolls data for the prior year ending March 2025 showed a decrease of 911,000 jobs from the initial estimate, according to a preliminary report from the Bureau of Labor Statistics.
The total revision was at the top of Wall Street's expectations, which ranged from about 600,000 jobs to as many as 1 million jobs.
The revisions were more than 50% higher than last year's revision and the largest since 2002. On a monthly basis, these revisions indicate that average job growth was 76,000 jobs lower than initially reported.
The figures, revised from quarterly census data and reflecting updated information on business openings and closings, add to the evidence of a weaker employment situation in the United States.
The report reveals data mostly from before US President Donald Trump took office, indicating a deterioration in the job situation before he began imposing tariffs on US trading partners.
He added: "More importantly, the slowdown in job creation suggests that income growth was also on a weaker path even before the recent surge in political uncertainty and the economic slowdown we've seen since the spring. This should give the Federal Reserve greater impetus to resume its rate-cutting cycle."
Tuesday's revisions are not, in themselves, a reflection of current economic conditions in the United States, as they go back a year and a half. However, data from recent months have also pointed to a weaker labor market. The summer months (June, July, and August) saw job growth averaging just 29,000 jobs per month, below the breakeven level needed to keep the unemployment rate stable.
