Worst Revision In History: BLS Admits A Record 911K Fewer Jobs Were Added Under Biden
10th September 2025
Two weeks ago, before both Bloomberg and Reuters, we told our subscribers to “brace for another huge negative payrolls revision”…
… and just like one year ago when we did exactly the same, we were spot on: moments ago the BLS reported that as part of its preliminary annual benchmark revisions, a record 911K payrolls for the period April 2024-March 2025 would be revised away. As shown in the chart below, the biggest revisions were in Leisure and Hospitality, Professional and Business services, and Retail and Wholesale trade sectors.
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What is more remarkable about today’s print is that after last year’s stunning 818K negative revision, which was the second biggest since the global financial crisis (and which we also warned ahead of time was coming), virtually nobody expected this year’s number to be higher. It was not only higher, but it was the biggest negative revision on record!
Which is why Trump fired the former head of BLS.
ALSO: White House: New Stats Reveal ‘Broken’ Labor Bureau