The BLS also carried out its yearly benchmarking procedure in early 2025, which alters monthly job projections to match more exact facts.
The benchmark revision for the period from March 2023 through March 2024 revealed that 598,000 jobs had overstated past employment growth numbers.
This annual change complemented the downward adjustments already applied to individual monthly reports all around the year.
For instance, the BLS first said that between March and June 2023 the economy added 398,000 nonfarm payrolls.
But the BED data for that period indicates that the economy really lost 163,000 private-sector employment.
Should these more detailed numbers persist, it implies that the economy might have actually lost more than 160,000 jobs rather than adding almost 800,000 positions around the middle of 2023.
