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The U.S. labor market added 911,000 fewer jobs in the 12-month period that ended March 2025 than had earlier been reported, the Bureau of Labor Statistics said on Tuesday. The major downward revision signals that the labor market was slowing more last year than had earlier been reported.

The so-called preliminary benchmark revision, produced annually by the BLS, was bigger than a decline of roughly 800,000 that economists had forecast prior to the release. The revision aims to better account for businesses that have opened or closed in the 12-month period it covers, as these changes are sometimes missed by the BLS’ monthly jobs report.

The downward revision comes as the labor market appears to be ailing, with Friday’s disappointing August jobs report sending warning signals about th

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