US payrolls revised down by 79,000

The Bureau of Labor Statistics released a preliminary benchmark revision showing a downward adjustment in job growth for the year ending March 2026. Total nonfarm employment was revised down by 79,000 (0.1%), and total private employment fell by 178,000 (0.1%). The declines were concentrated in private sectors including retail, education and health services, wholesale trade, and professional and business services, while government payrolls were revised up. Transportation and warehousing, along with information, financial activities, and construction, posted gains that offset some losses. The revisions are based on the Quarterly Census of Employment and Wages, which reconciles CES estimates with more complete data, explaining why annual numbers can shift as data improves. Economists had expected a smaller revision, and the release underscores a softer labor market with the final benchmark update due in February 2027.