The Bureau of Labor Statistics released updated hiring numbers from April 2024 through March of 2025, showing employers added 911,000 fewer jobs that initially recorded over those months.

Washington

The Bureau of Labor Statistics has released updated employment data, revealing that U.S. employers added 911,000 fewer jobs from April 2024 through March of the following year than initially reported. This downward revision, the largest on record, was anticipated but exceeded the expectations of Treasury officials and covers the transition between the Biden and Trump administrations. 

The revision underscores a weaker job market than previously understood, aligning with recent reports of modest job gains. It also increases pressure on the Federal Reserve to consider an interest rate cut. Separately, the Supreme Court is set to review cases related to presidential tariff powers, which could have significant implications for small businesses and government revenue.

What a major downward revision in U.S. jobs means for the economy

We begin tonight with signs that U.S. job growth may have been slowing sooner than previously thought. The Bureau of Labor Statistics released updated hiring numbers from April 2024 through March of this year, showing employers added 911,000 fewer jobs than initially recorded over those many months. CBS News senior business and technology correspondent Jolene Kent joins us now to help us understand what this means. So, Jolene, how significant is this? John, it's nearly a million jobs fewer than originally reported. That's significant, but it was also very much expected. It was on the higher end of the anticipated range and higher than Treasury Secretary Besson's expectations of 800,000 fewer jobs. And it covered the final months of the Biden White House and the first few months of Trump's second term. Now, this is the largest downward revision on record, but it's important to note this revision does happen every year. And the BLS reports the monthly number. And then afterwards, they go out and get more tax returns and other data in-house that then reports out this annual revision. And so what do we now conclude about the economy, if anything, from this revision? Look, job seekers have already been feeling this. The job market is weaker than it initially appeared on paper. So today's revisions underscores what we saw in last week's jobs report when just 22,000 jobs were added in August. And this also puts even more pressure on the Federal Reserve for an interest rate cut next week. JoLynn, you have spent so much time talking to businesses and particularly those small businesses about tariffs. We heard the Supreme Court's gonna hear about the president's tariffs power. What does that mean and what's at stake here? The Supreme Court, John, has expedited the hearing of two cases and the outcome will determine what happens with potentially hundreds of billions of dollars in import taxes for the government, revenue for the government. So it will impact the future of thousands of small businesses as well and their ability to survive. The lower courts have ruled that President Trump acted illegally when he imposed many of his tariffs using a little known emergency law. And I'm already hearing today from small businesses who have filed similar lawsuits. One business owner telling me that she is confident in the outcome here and she will be heading to Washington to show her support, John. JoLynn Kent, thank you so much.

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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.

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

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