U.S. Labor Market Sees Sharp Downward Revision in Job Numbers
(MENAFN) The US labor market fell significantly short of expectations, with new data showing 911,000 fewer jobs were created in the year leading up to March 2025, according to a Labor Department report released on Tuesday.
The revised figures, published in a preliminary report by the Bureau of Labor Statistics, marked a sharp downward adjustment to the original non-farm payroll estimates, far exceeding market forecasts. The revisions, based on the quarterly census and new data from company openings and closings, suggest a weaker-than-anticipated labor market in the world's largest economy.
The most significant downward revisions were in retail trade (down by 126,200), professional and business services (down by 158,000), and leisure and hospitality (down by 176,000). Most sectors saw similar downward adjustments, though utilities, transportation, and warehousing saw improvements. Government jobs also declined, with a reduction of 31,000 positions.
Recent data has also pointed to a sluggish job market. In August, only 22,000 jobs were added, falling well short of expectations. In June, the figure was revised down by 27,000, marking the first job loss since December 2020.
The report has sparked controversy, especially after US President Donald Trump publicly questioned the accuracy of the government’s economic data. Last month, Trump accused federal reports of being "rigged" and dismissed Bureau of Labor Statistics Commissioner Erika McEntarfer after the data contradicted his narrative.
The revised figures, published in a preliminary report by the Bureau of Labor Statistics, marked a sharp downward adjustment to the original non-farm payroll estimates, far exceeding market forecasts. The revisions, based on the quarterly census and new data from company openings and closings, suggest a weaker-than-anticipated labor market in the world's largest economy.
The most significant downward revisions were in retail trade (down by 126,200), professional and business services (down by 158,000), and leisure and hospitality (down by 176,000). Most sectors saw similar downward adjustments, though utilities, transportation, and warehousing saw improvements. Government jobs also declined, with a reduction of 31,000 positions.
Recent data has also pointed to a sluggish job market. In August, only 22,000 jobs were added, falling well short of expectations. In June, the figure was revised down by 27,000, marking the first job loss since December 2020.
The report has sparked controversy, especially after US President Donald Trump publicly questioned the accuracy of the government’s economic data. Last month, Trump accused federal reports of being "rigged" and dismissed Bureau of Labor Statistics Commissioner Erika McEntarfer after the data contradicted his narrative.
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