Revised US Job Data Reveals 911,000 Fewer Jobs Than Initially Estimated
The U.S. Labor Department recently disclosed a significant downward revision in job creation data. The economy, it appears, generated 911,000 fewer jobs than initially estimated in the year leading up to March 2025. This marks the largest downward revision since 2002, indicating a much weaker labor market throughout 2024 and early 2025 than previously assumed.
The revision was significantly higher than Wall Street expectations, and more than 50% greater than last year’s adjustment. Market economists suggest that this slower job creation implies that income growth was also weaker than estimated, providing the Federal Reserve with additional reasons to consider interest rate cuts.
The revised data is based on comprehensive information sources, including the Quarterly Census of Employment and Wages and tax data. This provides a more complete picture than monthly survey adjustments.
Source: CNBC