The Bureau of Labor Statistics released its annual preliminary benchmark revision on Friday, estimating that total nonfarm employment for the year through March 2026 was overstated by 79,000, or 0.1%. The revision to total private employment was larger, at negative 178,000, also 0.1%. Economists surveyed by Bloomberg had expected payrolls to be revised up by 183,000. Prior to Friday's report, official data showed a net gain of 211,000 jobs over the 12 months ending in March, but the preliminary revision puts average monthly job growth closer to 11,000. The markdown in private payrolls was driven by softness in retail trade, education and health services, manufacturing, and business services, while transportation, information, financial activities, construction, and government saw upward revisions. With Friday's release, preliminary benchmark revisions have now pushed employment estimates lower in seven out of the last eight years.
