The Bureau of Labor Statistics (BLS) revised downward the number of jobs created between April 2024 and March 2025 by 911,000.
That’s worse than the 818,000 downward revision from April 2023 to March 2024.
Holy moly. Former President Joe Biden’s economy was awful. This is the worst revision in history.
Everything went down except for transportation & warehousing and utilities.
The Federal Reserve has no excuse for not cutting interest rates now. This is unbelievable. From CNBC:
The revisions were more than 50% higher than last year’s adjustment and the largest on record going back to 2002. On a monthly basis, they suggest average job growth of 76,000 less than initially reported.The numbers, which are adjusted from data in the quarterly census and reflect updated information on business openings and closings, add to evidence that the employment picture in the U.S. is weakening.Most of the time span for the report came before President Donald Trump took office, indicating the jobs picture was deteriorating before he began levying tariffs against U.S. trading partners.“The BLS’ preliminary benchmark revisions to nonfarm payrolls show a much weaker labor market over most of 2024 and early 2025 than previously estimated,” said Oren Klachkin, market economist at Nationwide Financial. “Importantly, the slower job creation implies income growth was also on a softer footing even prior to the recent rise in policy uncertainty and economic slowdown we’ve seen since the spring. This should give the Fed more impetus to restart its cutting cycle.”
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