The Bureau of Labor Statistics said the U.S. labor market added 911,000 fewer jobs between April 2024 and March 2025. CBS News MoneyWatch correspondent Kelly O'Grady breaks it down.

Washington

The Bureau of Labor Statistics has released revised data showing that U.S. job growth was overestimated by 911,000 positions for the period from April 2024 through March 2025. This revision means the U.S. economy added an average of about 76,000 jobs per month, significantly less than earlier reports suggested.

While such revisions are not unusual, the scale of this adjustment is notable and indicates that the labor market has been weakening for longer than initially thought. The report is backward-looking and does not indicate an immediate recession, but it does provide important context for policymakers and investors regarding the current state of the economy.

U.S. jobs growth revised down by 911,000

The Bureau of Labor Statistics released new data to show job growth was revised down for the year prior to March 2025. The revisions show a drop of 911,000 jobs from initial estimates. Let's bring in CBS News Money Watch correspondent Kelly O'Grady. Kelly, thank you for joining us today. What does this data tell us about the labor market and does it signal anything to the Fed at this point? So a couple of things. One, that 911,000 number, these job revisions are not out of the ordinary but it is quite significant and I want to emphasize that this period where those revisions are said to have taken place, it's April 2024 through March of 2025. So roughly 10, 9 and a half, 10 months under the previous administration and the rest under the current administration. And what this tells us businesses, the Fed, is that that weakening in the labor market that we have been talking about a lot of late, especially after that jobs report on Friday that came out, is that this weakening has been happening for longer than we realized. And if you break down the 12 months and you look at these revisions, it actually tells you the U.S. economy added on average just about 76,000 jobs a month. That is much lower than was originally expected. Some of those months when we reported on them going back to almost a year ago, you were looking at over 100,000 jobs added. So two things I want to underscore. One, this does tell the Fed, okay, interest rate cut, yes, let's do that. We do have a lot of investors saying that this would argue you need a half a point rate cut, not just a quarter point. But to sort of temper some of those expectations, I want to highlight that this has already happened. This is a backward looking report. So yes, the economy added less jobs than we originally thought to the tune of almost a million jobs. However, that's already baked in. We didn't go into a recession. So I think when we see this big number, I just want people to realize this is something we've already been living through. This is the current economy. And this is a backward looking report that just provides some context.

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