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US job revisions make an even stronger case for rate cuts
The Bureau for Labor Statistics has just published its preliminary benchmark revisions to US non-farm payrolls for the 12 months to March 2025 and they show that rather than adding 1.758mn jobs as originally reported, the US economy created only 847,000 – a 911,000 downward revision. This is a bigger error than the consensus expected (682k) and even larger than the 800k Treasury Secretary Scott Bessent talked of over the weekend. This means that rather than recording average monthly payrolls growth of 146,500 over that period, it is actually only 70,600 per month. These new numbers come about after benchmarking the ... (full story)
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BOOM: Payrolls revision -911K, biggest on record! 
Current Employment Statistics Preliminary Benchmark (National) - March 2025 The preliminary estimate of the Current Employment Statistics (CES) national benchmark revision to total nonfarm employment for March 2025 is -911,000 (-0.6 percent), the U.S. Bureau of Labor Statistics reported today. The annual benchmark revisions over the last 10 years have an absolute average of 0.2 percent of total nonfarm employment. In accordance with usual practice, the final benchmark revision will be issued in February 2026 with the publication of the January 2026 Employment Situation news release. Each year, CES employment estimates are benchmarked to comprehensive counts of employment from the Quarterly Census of Employment and Wages (QCEW). These counts are derived primarily from state unemployment insurance (UI) tax records that nearly all employers are required to file with state workforce agencies. The preliminary benchmark revision reflects the difference between two independently derived employment counts, each subject to their own sources of error. It serves as a preliminary measure of the total error in CES employment estimates from March 2024 to March 2025. Preliminary research, which is not comprehensive and is subject to updates in QCEW data, indicates that the primary contributors to the overestimation of employment growth are likely the result of two sources—response error and nonresponse error. First, businesses reported less employment to the QCEW than they reported to the CES survey (response error). Second, businesses who were selected for the CES survey but did not respond reported less employment to the QCEW than those businesses who did respond to the CES survey (nonresponse error). Estimates of other errors, such as the forecast error from the net birth-death model, are not available at this time. Information on how the net birth-death forecasts have reduced benchmark revisions historically are available on the CES Birth-Death Model Frequently Asked Questions page in question 10, www.bls.gov/web/empsit/cesbdqa.htm. The preliminary benchmark revisions in table 1 are calculated only for March 2025 for the major industry sectors. As is typically the case, many of the individual industry series show larger percentage revisions than the total nonfarm series, primarily because statistical sampling error is greater at more detailed levels than at an aggregated level. US BLS: PRELIMINARY BENCHMARK REVISION FOR MARCH 2025 PRIVATE PAYROLLS -880,000; GOVERNMENT PAYROLLS -31,000 #BLS #payrolls #benchmark #economy
Current Employment Statistics Preliminary Benchmark (National) - March 2025 The preliminary estimate of the Current Employment Statistics (CES) national benchmark revision to total nonfarm employment for March 2025 is -911,000 (-0.6 percent), the U.S. Bureau of Labor Statistics reported today. The annual benchmark revisions over the last 10 years have an absolute average of 0.2 percent of total nonfarm employment. In accordance with usual practice, the final benchmark revision will be issued in February 2026 with the publication of the January 2026 Employment Situation news release. Each year, CES employment estimates are benchmarked to comprehensive counts of employment from the Quarterly Census of Employment and Wages (QCEW). These counts are derived primarily from state unemployment insurance (UI) tax records that nearly all employers are required to file with state workforce agencies. The preliminary benchmark revision reflects the difference between two independently derived employment counts, each subject to their own sources of error. It serves as a preliminary measure of the total error in CES employment estimates from March 2024 to March 2025. Preliminary research, which is not comprehensive and is subject to updates in QCEW data, indicates that the primary contributors to the overestimation of employment growth are likely the result of two sources—response error and nonresponse error. First, businesses reported less employment to the QCEW than they reported to the CES survey (response error). Second, businesses who were selected for the CES survey but did not respond reported less employment to the QCEW than those businesses who did respond to the CES survey (nonresponse error). Estimates of other errors, such as the forecast error from the net birth-death model, are not available at this time. Information on how the net birth-death forecasts have reduced benchmark revisions historically are available on the CES Birth-Death Model Frequently Asked Questions page in question 10, www.bls.gov/web/empsit/cesbdqa.htm. The preliminary benchmark revisions in table 1 are calculated only for March 2025 for the major industry sectors. As is typically the case, many of the individual industry series show larger percentage revisions than the total nonfarm series, primarily because statistical sampling error is greater at more detailed levels than at an aggregated level. US BLS: PRELIMINARY BENCHMARK REVISION FOR MARCH 2025 PRIVATE PAYROLLS -880,000; GOVERNMENT PAYROLLS -31,000 #BLS #payrolls #benchmark #economy
The dollar index (DXY00) on Monday fell by -0.32% and posted a new 1.5-month low. The dollar is under pressure from last Friday's weak US unemployment report and the increased expectations for Fed easing through year-end. The dollar is also being undercut by concerns over Fed independence, which could prompt foreign investors to dump dollar assets as ...
The labor market created far fewer jobs than previously thought, according to a Labor Department report Tuesday that added to concerns both about the health of the economy and the state of data collection. Annual revisions to nonfarm payrolls data for the year prior to March 2025 showed a drop of 911,000 from the initial estimates, according to a ...
