U.S. payroll growth revision points to slower labor market through March
Fresh revisions to federal employment data add to signs that the U.S. labor market is losing momentum after a prolonged slowdown in hiring. The government says the economy likely created 79,000 fewer jobs in the 12 months through March than previously estimated, weeks after a surprise drop in employment in July.
Highlights
- The U.S. Labor Department's preliminary benchmark revision indicates payroll growth through March is 79,000 jobs lower than previously reported.
- This revision suggests the labor market cooled further, reinforcing July's unexpected employment decline and two years of slowing job creation.
- Labor demand is pressured by technology adoption such as artificial intelligence and a reduced labor pool due to retirements and immigration crackdowns.
Benchmark revision signals softer hiring trend
As reported by Reuters, citing the U.S. Labor Department's Bureau of Labor Statistics, the preliminary annual benchmark revision estimate shows payroll growth in the 12 months through March is likely lower than earlier reported by 79,000 jobs.The adjustment affects the closely watched payrolls series and adds to recent evidence that employment conditions are cooling. The estimate comes only weeks after the agency reported an unexpected decline in employment in July.
Labor demand faces broader pressures
Job creation in the U.S. has already been decelerating over the last two years as businesses grow more cautious about the economic outlook.Employers are also weighing whether the artificial intelligence boom could allow them to replace some workers with technology tools. At the same time, the available labor pool has shrunk because of retirements and President Donald Trump's aggressive immigration crackdowns.
Our earlier article on the widening gap between corporate profits and worker pay in the U.S. highlighted how pre-tax earnings climbed to a multi-decade high share of national income while labor’s share fell to its lowest level since the 1950s. We also noted that real hourly earnings were slipping and that the AI-driven boom was boosting corporate margins and stock prices, intensifying political backlash over how the gains are distributed.
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