The US economy generated 911,000 fewer jobs than initially estimated in the year ending March, according to preliminary data from the Labor Department. This significant downward revision suggests a slower job market growth than previously believed, impacting both the Biden and Trump administrations.

• The Labor Department’s routine annual payroll data revision revealed the substantial decrease in job creation, with economists having anticipated a large but not as severe a downward revision.
• The Federal Reserve is closely monitoring the softening job market and is expected to lower its benchmark interest rate next week, balancing this with potential inflation from US President Donald Trump’s tariffs.
• The revisions arrive at a politically tense time for the Bureau of Labor Statistics, especially after President Trump previously fired the agency head, Erika McEntarfer, over perceived negative job numbers.