In 2024 and early 2025, the U.S. job market was significantly weaker than initially reported, according to revised data from the Labor Department released Tuesday. From April 2024 through March 2025, employers added 911,000 fewer jobs than first estimated. These annual benchmark revisions aim to more accurately reflect business openings and closures, with final numbers expected in February 2026.
The largest downward adjustments were in leisure and hospitality, which added 176,000 fewer jobs, professional and business services with 158,000 fewer, and retail with 126,000 fewer. This revision follows a recent report showing only 22,000 jobs were added in August, raising concerns about economic uncertainty partly attributed to President Donald Trump’s policies, including unpredictable import taxes.
Last year’s benchmark revisions also showed a weaker job market, with 818,000 fewer jobs from April 2023 through March 2024. Trump claimed those numbers were manipulated to hide economic weakness and aid Democrats, though the timing of the revisions-released months before the election-was not explained.
The updated data may increase pressure on the Federal Reserve to lower interest rates at its upcoming meeting to stimulate the economy.
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