"The annual job revisions data was released today, which showed that 911,000 jobs that were supposedly created from March 2024 to March 2025 were removed from the books. The estimates were for 818,000 jobs to be lost in this report, so it came in worse than expected. Lower job growth has been a theme recently, but revisions at a whopping 911,000 continues the trend of the Federal Reserve being behind the curve on their supposed solid labor market not only for this year but"
"When the Fed said they wanted to attack the labor supply, people didn't take them seriously, but now we can see they're getting the softer labor market they always wanted to fight inflation. The Fed doesn't like to see wage growth above 3% because they feel the best way to get 2% inflation growth is to keep wages at 3% or below. Wage growth was simply too high for the Federal Reserve for years and still is today."
Annual benchmark revisions removed 911,000 previously reported jobs from March 2024 to March 2025, exceeding expectations for an 818,000-job decline. Private-sector revisions accounted for 880,000 lost jobs. Manufacturing and construction experienced notable losses, weighing on cyclical employment. CES employment estimates are benchmarked to QCEW counts derived primarily from state UI tax records. The sizable downward revisions indicate a softer labor market and renewed evidence of slower job growth. Persistent wage growth above the Fed's preferred threshold has driven policy concern, and some policymakers argue current data justify reassessing prior assessments of labor-market strength.
Read at www.housingwire.com
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