BLS Revises Nonfarm Payrolls For 2025 Lower By 1 Million Jobs

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2025 Annual Revision Notes

In its 2025 annual revision, the BLS revised nonfarm payrolls for 2025 lower by 1.029.
Most of the change occurred between January and April.
The biggest revision was -785,000 in January of 2025.
For the full year, the as-revised job gain was a grand total of 229,000. That’s an average of 19,000 jobs per month.
Between April 2025 and December of 2025, the entire job gain was only 12,000. From July to December the Economy lost 45,000 jobs.
These numbers are subject to further negative revisions (which I expect).

2024 Annual Revisions

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2024 Annual Revision Notes

In its 2024 annual revision, the BLS revised nonfarm payrolls lower by 610,000.
Most of the change occurred in January with a -511,000 adjustment.
For the full year, the as-revised job gain was a 1.877 million. That’s an average of 156,000 jobs per month.

The economy is barely adding jobs now.

For January 2026, the BLS did report a gain of 130,000. That’s highly likely to be revised lower a year from now in the next annual revision.

The BLS needs to look at actual tax data instead of flawed sampling coupled with an even more flawed Birth Death model. I have been meaning to write up a specific proposal and will do so.

My normal monthly jobs report will be out shortly. Stay tuned in.