US payrolls revised down by 79,000

The Bureau of Labor Statistics’ preliminary benchmark revisions show the U.S. likely added about 79,000 fewer jobs in the 12 months through March than previously estimated, indicating a broader cooldown in the labor market. The revisions, described across multiple reports, suggest a softer job-creation trend than earlier government figures, which has fed into considerations by the Federal Reserve about policy timing. Sectoral revisions were concentrated in retailers and private education and health services, with substantial downward adjustments, while gains in transportation and government offset the overall decline somewhat. The updates underscore that job growth has decelerated over the last year, contributing to ongoing inflation concerns and a more cautious economic backdrop. The political context is noted in some summaries, referencing President Trump as current president and tying the revisions to both economic performance and public perception of leadership. Overall, the trend points to weaker payroll growth than previously believed, with the exact numbers subject to the annual benchmark revision still to come.