Job growth revised by -911,000

"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. I am sure all interested parties will consider uncertainty through estimation, as is common in statistics that require timeliness and accuracy."

The preliminary CES national benchmark revision for March 2025 reduces total nonfarm employment by 911,000 (-0.6 percent). Annual benchmark revisions over the last decade have averaged an absolute 0.2 percent of total nonfarm employment. The final benchmark revision will be released in February 2026 with the January 2026 Employment Situation news release. CES estimates are benchmarked annually to comprehensive QCEW counts. QCEW counts are derived primarily from state unemployment insurance tax records that nearly all employers must file with state workforce agencies. Uncertainty should be considered through estimation methods balancing timeliness and accuracy.

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