The U.S. Labor Department’s Bureau of Labor Statistics (BLS) announced a significant downward revision to employment growth for the 12 months ending March 2025, lowering prior estimates by approximately 911,000 jobs.

This revision suggests job growth was already slowing before the onset of President Donald Trump’s aggressive tariffs on imports.

The big picture: Economists had anticipated revisions in the range of 400,000 to 1 million fewer jobs, with the revised figure falling near the upper end of these estimates. • The employment level for the year through March 2024 was specifically downgraded by 598,000 jobs. • These figures stem from the BLS’s annual “benchmark” revision, in which monthly payroll data based on surveys are compared against more comprehensive Quarterly Census of E

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