États-Unis Paiements non agricoles

The US economy added 911K fewer jobs in the 12 months through March 2025 than initially reported - the largest downward revision since at least 2000 - according to the BLS’s preliminary benchmark revision. This represents a -0.6% adjustment, compared with an absolute average change of 0.2% in total nonfarm employment over the past decade. Nearly all sectors added fewer jobs than initially estimated, with the steepest downward revisions in leisure and hospitality (-176K), professional and business services (-158K), retail trade (-126.2K), and wholesale trade (-110.3K). In contrast, payrolls were revised higher in transportation and warehousing (+6.6K) and utilities (+3.7K). The revision captures the gap between two independently compiled employment measures, each subject to distinct sources of error. A year earlier, the preliminary data showed a downward revision of 818K jobs, later adjusted to -598K. The latest figures suggest the labor market has weakened more than previously thought.