Jobs data just got revised down again. BLS knocked off another 79,000 payrolls for the 12 months through March 2025.
This is the 4th year in a row of downward revisions—same pattern we saw after 2008. Over the last 8 years, 7 out of 8 revisions have been negative. That's nearly 2.5 million jobs erased on paper.
Private sector took the hit this time: -178,000. Government jobs got revised up by 99,000, which softened the blow.
Last year's revision was brutal at -911,000. This year's is smaller, but the trend is clear: the labor market has been weaker than headlines suggested for a long time.
If you're watching Fed policy, inflation, consumer spending, or just trying to understand why things feel off despite "strong" jobs reports—this is why. The initial numbers keep getting walked back.
Revisions matter. They reshape the narrative months after everyone moved on.
This is the 4th year in a row of downward revisions—same pattern we saw after 2008. Over the last 8 years, 7 out of 8 revisions have been negative. That's nearly 2.5 million jobs erased on paper.
Private sector took the hit this time: -178,000. Government jobs got revised up by 99,000, which softened the blow.
Last year's revision was brutal at -911,000. This year's is smaller, but the trend is clear: the labor market has been weaker than headlines suggested for a long time.
If you're watching Fed policy, inflation, consumer spending, or just trying to understand why things feel off despite "strong" jobs reports—this is why. The initial numbers keep getting walked back.
Revisions matter. They reshape the narrative months after everyone moved on.
