The U.S. Bureau of Labor Statistics on Wednesday reported a downward revision of 862,000 jobs for the 12 months ending in March 2025, reducing the measured pace of employment growth over that period. The agency said the adjustment was the result of its final nonfarm payrolls benchmark revision.
The benchmark cut is smaller than the 911,000-job reduction the BLS had signaled in August. The revisions reflect updated data from the Quarterly Census of Employment and Wages for the first quarter, which the BLS used as the basis for the final benchmark update. The numbers cited by the agency in its release are not seasonally adjusted.
Economists had anticipated a reduction in the reported level of employment for the 12-month span of between 750,000 and 900,000 jobs after the updated QCEW data were incorporated into the payrolls benchmark. The BLS's final revision falls within that range, aligning with market expectations documented prior to the announcement.
As a result of the benchmark update, the change in total nonfarm employment for 2025 was revised down to a seasonally adjusted gain of 181,000 jobs, from the previously reported increase of 584,000. That downward adjustment reduces the headline measure of job creation for the year once seasonal factors are applied.
The BLS statement highlights the mechanics of its benchmarking process: periodic incorporation of QCEW data to align its payroll sample with comprehensive employment and wage records. The final revision released Wednesday is the culmination of that process for the period in question.
Observers of labor market data and market participants will note the change in the reported pace of job growth, while analysts continue to assess the implications of benchmark adjustments on broader economic readings. The BLS release emphasized the distinction between the not-seasonally-adjusted revisions and the seasonally adjusted totals presented for the calendar year.
Context and limitations
The BLS benchmark changes are driven by updated QCEW inputs for the first quarter, and the agency provided final figures showing a smaller cut than the provisional August estimate. The benchmarks are part of an established process and reflect revisions to previously published payroll estimates rather than new, contemporaneous survey results.