U.S. employment data has been significantly revised down, with 911,000 fewer jobs as of March

Huobi HTX reported that the U.S. government said Tuesday that in the 12 months to March, the U.S. economy may have 911,000 fewer new jobs than previously estimated, indicating that employment growth has shown signs of stagnation before Trump imposed tough tariffs on imported goods. Economists have previously expected that the Bureau of Labor Statistics (BLS), a subsidiary of the U.S. Department of Labor, may reduce employment levels by 400,000 to 1 million jobs from April 2024 to March 2025. Previously, the employment level from April 2023 to March 2024 had been lowered by 598,000 jobs. The benchmark revision follows another piece of news released last Friday, with job growth almost stagnating in August, while June saw job losses for the first time in four and a half years. In addition to being dragged down by trade policy uncertainty, the labor market is also under pressure from the White House to tighten immigration policies, which weakens the labor supply. At the same time, companies are turning to artificial intelligence tools and automation, which is also curbing the demand for labor. Economists believe that the downgrade in employment growth data has little impact on monetary policy. The Fed is expected to resume rate cuts next Wednesday after suspending a loose cycle in January due to uncertainty over tariffs.