TechFlow, September 9 — According to Jinshi Data, the U.S. government said Tuesday that over the 12 months through March of this year, the U.S. economy may have added 911,000 fewer jobs than previously estimated, suggesting employment growth had already shown signs of stagnation before Trump imposed tough tariffs on imports.
Economists had expected the Bureau of Labor Statistics (BLS), part of the U.S. Department of Labor, to revise down employment levels for the period from April 2024 to March 2025 by between 400,000 and 1 million jobs. Previously, employment levels for April 2023 to March 2024 were revised down by 598,000 jobs. This benchmark revision follows another report released last Friday showing nearly stagnant job growth in August and a decline in payrolls in June—the first drop in four and a half years. Beyond being weighed down by uncertainties from trade policies, the labor market is also under pressure from the White House's tightened immigration policies, which have weakened labor supply. Meanwhile, companies' shift toward artificial intelligence tools and automation is also dampening demand for labor.
Economists believe the downward revision to employment growth data will have little impact on monetary policy. The Federal Reserve is expected to resume rate cuts next Wednesday, after pausing its easing cycle in January due to uncertainties surrounding tariff impacts.
