The pressure for the Federal Reserve to cut interest rates has surged! US job growth has been significantly revised down, with an average monthly increase of about 76,000 fewer positions.

The latest preliminary benchmark revision data released in the United States shows that employment growth in the past year is far below previous expectations, further increasing the pressure on the Federal Reserve to cut interest rates in the near future. According to data released by the Bureau of Labor Statistics (BLS) on Tuesday, the non-farm employment figures for the 12 months ending in March of this year will be revised down by 911,000, equivalent to an average of about 76,000 fewer jobs added each month. Prior to this revision, official data showed that on a non-seasonally adjusted basis, US employers added nearly 1.8 million jobs in the year ending in March, with an average monthly increase of 149,000. The revised data suggests that the recent slowdown in employment over the past few months is not a short-term fluctuation, but rather a continuation of a longer period of modest growth. This adjustment provides new clues for the Federal Reserve's monetary policy. With the cooling job market, the Fed may start the interest rate cut process at the end of the two-day policy meeting on September 17. Fed Chairman Powell recently admitted that the risks facing the job market are rising; in addition, the meeting minutes from July showed that two officials at the time supported a rate cut to guard against further slowing economic growth. Benchmark revisions are a routine annual task for the Bureau of Labor Statistics, but this year it has received heightened attention from investors and Fed watchers. Market participants generally believe that the adjustment to employment data will help assess the true pace of labor market slowing and evaluate the future path of interest rate policy. After the revision results were announced, expectations for a rate cut starting next week further intensified. This adjustment also has strong political implications. US President Trump has publicly criticized the revision of employment data multiple times, accusing the government of lacking transparency in employment statistics. As the 2024 presidential election approaches, the authenticity of employment data and its interpretation are expected to become a focal point in political debates.