US job growth was more moderate in the year through March than previously reported, underscoring a downshift in the labor market that prompted the Federal Reserve to cut interest rates in 2025 despite persistent inflation.
The number of workers on payrolls will likely be revised down by 79,000, or 0.1%, according to the Bureau of Labor Statistics' preliminary benchmark revision out Friday. The median projection in a Bloomberg survey of economists called for a 183,000 increase. The final figures are due early next year.
The downward revision was entirely due to the private sector.
Before the report, the government's payrolls data indicated employers added 211,000 jobs in the year through March on a non-seasonally adjusted basis, or an average of 17,600 per month, according to data compiled by Bloomberg. The preliminary benchmark revision now shows average monthly job growth was likely 11,000.
Preliminary benchmark revisions have now lowered employment estimates in seven of the past eight years. Even so, the latest adjustment suggests that the labor market is roughly balanced — with employers slow to hire new workers but also slow to fire existing staff.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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