U.S. job growth revised down by nearly 1 million in latest estimates.
The Bureau of Labor Statistics (BLS) revealed on Tuesday a significant downward revision in job creation figures, indicating approximately 911,000 fewer jobs were generated across the United States from April 2024 to March 2025 than initially reported. This adjustment translates to a reduction of around 76,000 jobs per month, accounting for 0.6% of total employment for the specified period. Previously, the BLS had estimated an average job growth rate of 146,500 new jobs each month.
The BLS performs biannual updates to its monthly employment reports utilizing more precise data obtained from tax records. The recent revision marks the largest adjustment in over twenty years, reflecting an evolving landscape of employment statistics. Weekly data is collected through extensive company surveys, which enables the Bureau to produce timely monthly job reports with substantial implications for stock market performance. However, this initial data is typically less accurate than the quarterly figures drawn from the Quarterly Census of Employment and Wages, which incorporates tax and unemployment records but is processed at a slower pace.
The latest revision suggests that the American economy is potentially more vulnerable than initially perceived, particularly in light of subdued job growth reported in June, July, and August. Such economic indicators have drawn criticism, notably from political figures, with President Donald Trump vocalizing his discontent pertaining to the BLS’s management and the recent employment data. Following a disappointing July jobs report, Trump acted swiftly by terminating BLS leader Erika McEntarfer on August 1.
Subsequently, Trump nominated E.J. Antoni, an economist affiliated with the conservative think tank The Heritage Foundation, to oversee the BLS. Antoni has publicly expressed a desire to revamp the reporting frequency, proposing a shift away from monthly updates in favor of quarterly releases. It is noteworthy that the BLS’s previous cycle required a downward adjustment of approximately 800,000 jobs initially, which was eventually refined to about 600,000 in the following February’s update.
As the economic situation continues to evolve, the final update for the April 2024 through March 2025 period is expected in February 2026. This ongoing scrutiny of job creation statistics not only underscores the importance of precision in economic reporting but also reflects the broader implications for fiscal policy and market stability in the United States.
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