"The report from the Bureau of Labor Statistics shows hiring for the 12 months ending in March was overstated by an estimated 911,000 jobs. That large revision was somewhat expected, but still on the high end of what both economists and White House officials predicted. In a research note published Sunday, economists at Goldman Sachs predicted that the revision would be between 550,000 and 950,000 jobs."
"The revision is part of a routine, annual exercise in which the government checks its monthly jobs numbers which come from a sampling of employers against much more complete data from state tax records. Tuesday's estimate is preliminary. A final tally will be released early next year. But it has been closely watched this year, after President Trump fired the previous BLS head last month after a weaker- than-expected report."
Preliminary BLS figures show hiring for the 12 months ending in March was overstated by an estimated 911,000 jobs. The revision resulted from the annual process comparing monthly employer-sample job numbers with more complete state tax records. Goldman Sachs economists forecast a 550,000–950,000 downward revision and Treasury Secretary Scott Bessent estimated up to 800,000. A final revision will be released early next year. The revision follows recent weak monthly reports, including just 22,000 jobs added in August and a net loss in June, and comes as the Federal Reserve considers a likely quarter-point rate cut to guard against job losses.
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