Analysts expect more jobs data revisions in 2025, after Friday’s payrolls report led to the firing of America’s chief employment statistician.
Analysts expect U.S. jobs figures to face further revisions this year, after downward adjustments to recent data angered President Donald Trump and led him to the fire the country’s top employment statistician.
According to a note released by Goldman Sachs over the weekend, preliminary revision estimates set to be published by the Bureau of Labor Statistics (BLS) in September will reveal a 550,000-950,000 downward revision for the 12-month period through March 2025.Why It Matters
Although the period subject to such change overlaps with more of Joe Biden’s presidency than Trump’s second term, these substantial revisions will be viewed against the backdrop of the White House’s recent criticism of the agency.
Following a weak jobs reading on Friday, and substantial revisions to earlier data, the president accused the BLS commissioner, Erika McEntarfer, of rigging data to reflect poorly on his administration and fired her from her post.
This move has been roundly criticized by officials and lawmakers on both sides of the aisle, who believe it will undermine the credibility and independence of the BLS, but the White House has pointed to other significant revisions as evidence of persistent inaccurate data-gathering by the agency.What To Know
On Friday, the BLS released its report on non-farm payroll employment for July, revealing that only 73,000 jobs were added in the month compared to consensus forecasts of 110,000.
