Friday's labor report comes as investors have been closely watching for any signs of cooling in the labor market that could prompt the Federal Reserve to cut interest rates.
The revised job-growth figures during the Biden administration show approximately 818,000 fewer jobs were added between April 2023 and March 2024 than previously reported.
Second estimate versus first (initial): On average, there was a −16,000 jobs/month revision in 2024 (seasonally adjusted).
Third estimate versus second: An additional average revision of −5,000 jobs/month.
Total average downward revision (first to third): roughly −20,000 jobs/month for 2024.
The annual benchmark revision (released August 2024) adjusted aggregate employment for the 12‑month period April 2023 to March 2024 downward by approximately 818,000 jobs, equivalent to about −68,000 jobs/month compared to the initial published series
These differences reflect typical sampling error corrections, but the −818,000 benchmark revision was significantly larger than usual
The revised job-growth figures during the Biden administration show approximately 818,000 fewer jobs were added between April 2023 and March 2024 than previously reported.
Did you see numbers for average monthly revisions either total or %?
Second estimate versus first (initial): On average, there was a −16,000 jobs/month revision in 2024 (seasonally adjusted).
Third estimate versus second: An additional average revision of −5,000 jobs/month.
Total average downward revision (first to third): roughly −20,000 jobs/month for 2024.
The annual benchmark revision (released August 2024) adjusted aggregate employment for the 12‑month period April 2023 to March 2024 downward by approximately 818,000 jobs, equivalent to about −68,000 jobs/month compared to the initial published series
These differences reflect typical sampling error corrections, but the −818,000 benchmark revision was significantly larger than usual
So the annual revision for 2025 is going to be something to behold. Popcorn time JPow.