Worst Revision In History: BLS Admits A Record 911K Fewer Jobs Were Added Under Biden

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by Tyler Durden

Tuesday, Sep 09, 2025 - 08:51 AM

Two weeks ago, before both Bloomberg and Reuters, we told our subscribers to "brace for another huge negative payrolls revision"…

… and just like one year ago when we did exactly the same, we were spot on: moments ago the BLS reported that as part of its preliminary annual benchmark revisions, a record 911K payrolls for the period April 2024-March 2025 would be revised away. As shown in the chart below, the biggest revisions were in Leisure and Hospitality, Professional and Business services, and Retail and Wholesale trade sectors.

The preliminary estimate of the Current Employment Statistics (CES) national benchmark revision to total nonfarm employment for March 2025 is -911,000 (-0.6 percent), the U.S. Bureau of Labor Statistics reported today. The annual benchmark revisions over the last 10 years have an absolute average of 0.2 percent of total nonfarm employment. In accordance with usual practice, the final benchmark revision will be issued in February 2026 with the publication of the January 2026 Employment Situation news release.

Each year, CES employment estimates are benchmarked to comprehensive counts of employment from the Quarterly Census of Employment and Wages (QCEW). These counts are derived primarily from state unemployment insurance (UI) tax records that nearly all employers are required to file with state workforce agencies.

The preliminary benchmark revision reflects the difference between two independently derived employment counts, each subject to their own sources of error.

more:

https://www.zerohedge.com/markets/worst-revision-history-bls-admits-record-919k-fewer-jobs-were-added