❓WHAT HAPPENED: The U.S. economy added nearly one million fewer jobs than previously reported in the final year of the Biden government, according to the Bureau of Labor Statistics’s (BLS) annual benchmark revision for April 2024 to March 2025.
👤WHO WAS INVOLVED: The BLS, former President Joe Biden, President Donald J. Trump, and the Federal Reserve.
📍WHEN & WHERE: The annual revision was released by the BLS on Tuesday, September 9, 2025.
🎯IMPACT: The revisions suggest the American economy has been contracting since early last year—possibly even entering a recession beginning in the final year of Biden’s presidential term.
The Bureau of Labor Statistics (BLS) on Tuesday released its annual benchmark jobs report revision, revising downward the total number of jobs created between April 2024 and March 2025 by a shocking 911,000. This revision, accounting mostly for the final year of the former Biden government, means the monthly job growth number for much of 2024 stood at only 71,000 per month, instead of the initially reported average of 147,000 per month.
Notably, the benchmark revision indicates the labor market was significantly weakening well before President Donald J. Trump imposed significant global tariffs, and fuels concerns that the Federal Reserve has based its interest rate policy on faulty economic data for well over a year. In addition, the latest BLS data follows its prior revision from April 2023 to March 2024, which saw 818,000 fewer jobs created than initially reported. The two annual revisions, when combined, show labor market growth in the final two years of the Biden government was overestimated by nearly two million jobs.
The new employment data, coming on the heels of last month’s jobs numbers showing that only 22,000 jobs were added to the economy in August, will only increase pressure on the Federal Reserve to cut interest rates. More troubling, however, is that the revisions suggest the American economy has been contracting since early last year—possibly even being in a recession beginning in the final year of Biden’s presidential term.
While annual revisions to the BLS jobs data are commonplace, significant back-to-back revisions are unusual and give credence to President Trump’s criticism of the agency’s accuracy and methodology when measuring the U.S. labor market. On August 1 of this year, Trump dismissed Dr. Erika McEntarfer as the bureau’s commissioner and questioned the BLS’s credibility following a series of month-to-month downward revisions.
Join Pulse+ to comment below, and receive exclusive e-mail analyses.