US Labor Market Shows Significant Weakness
(MENAFN) The US labor market generated far fewer positions than anticipated in the year prior to March 2025, a Labor Department report indicated on Tuesday.
A preliminary report from the Bureau of Labor Statistics revealed that annual revisions to non-farm payroll data for the year before March 2025 showed a decline of 911,000 from initial estimates, surpassing market forecasts.
These figures, drawn from the quarterly census and accounting for updated data on business openings and closures, pointed to a softer labor market in the world’s largest economy.
The sectors experiencing the largest downward adjustments included retail trade (minus 126,200), professional and business services (minus 158,000), and leisure and hospitality (minus 176,000).
Most industries underwent reductions, except for utilities, transportation, and warehousing. Government employment was also revised down by 31,000 positions.
Recent monthly data has reinforced the impression of a sluggish job market.
In August, the economy added only 22,000 jobs, significantly below market expectations.
June’s figures were also revised downward by 27,000 to a net loss of 13,000 jobs, marking the first decline since December 2020.
The report has also sparked a dispute between US President Donald Trump and the bureau.
A preliminary report from the Bureau of Labor Statistics revealed that annual revisions to non-farm payroll data for the year before March 2025 showed a decline of 911,000 from initial estimates, surpassing market forecasts.
These figures, drawn from the quarterly census and accounting for updated data on business openings and closures, pointed to a softer labor market in the world’s largest economy.
The sectors experiencing the largest downward adjustments included retail trade (minus 126,200), professional and business services (minus 158,000), and leisure and hospitality (minus 176,000).
Most industries underwent reductions, except for utilities, transportation, and warehousing. Government employment was also revised down by 31,000 positions.
Recent monthly data has reinforced the impression of a sluggish job market.
In August, the economy added only 22,000 jobs, significantly below market expectations.
June’s figures were also revised downward by 27,000 to a net loss of 13,000 jobs, marking the first decline since December 2020.
The report has also sparked a dispute between US President Donald Trump and the bureau.
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