Overview

• Preliminary benchmarking shows 911,000 fewer jobs for April 2024–March 2025, cutting average monthly gains to about 71,000 from 147,000.
• The estimate is based on the Quarterly Census of Employment and Wages, which covers roughly 95% of jobs, with final month‑by‑month revisions due in February.
• Downgrades span most industries, with large cuts in retail, leisure and hospitality, professional and business services, and manufacturing, as information posted the steepest percentage drop.
• Markets were little changed after the release, though analysts say the weaker baseline strengthens the case for near‑term rate cuts by the Federal Reserve.
• The revision reinforces evidence that job growth slowed before President Trump’s recent tariffs and immigration actions, as political tensions over BLS leadership and independence continue following the firing of Commissioner Erika McEntarfer and the nomination of E. J. Antoni.