U.S. nonfarm employment annual revision lowered by 911,000

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Summary

The U.S. Department of Labor said it revised nonfarm job gains down by 911,000 from the previously reported figure.
It reported that the monthly average employment gains decreased sharply, raising concerns about weakness in the labor market.
Some say the announcement has increased expectations for interest rate cuts.

Over the past year, U.S. nonfarm job gains were revised down by 911,000 compared with the previously reported figure.

On the 9th (local time), according to Walter Bloomberg, the U.S. Department of Labor said, "From April last year to March this year, nonfarm job gains were 911,000 fewer than previously estimated." This is a revision more than 50% larger than last year and the largest adjustment on record. As a result, the monthly average employment increase fell from 147,000 to about 71,000.

The announcement raised concerns that the labor market may have been weaker even before the recent slowdown in employment appeared. Some foresee that this could increase the number of interest rate cuts this year or raise the likelihood of a 'big cut.'

Meanwhile, the figure is a preliminary revision, and the final number is scheduled to be released in February next year.