US employment data revised downward significantly, with only 911,000 jobs added as of March.

The US government said on Tuesday that in the 12 months ending in March of this year, the US economy may have added 911,000 fewer jobs than previously estimated, indicating signs of employment growth stalling before President Trump implemented tough tariffs on imported goods. Economists had previously anticipated that the Bureau of Labor Statistics under the US Department of Labor might revise down employment levels between April 2024 and March 2025 by 400,000 to 1 million jobs. The employment levels between April 2023 and March 2024 had already been revised down by 598,000 jobs. This benchmark revision comes shortly after another announcement last Friday that showed almost stagnant employment growth in August, with job cuts for the first time in four and a half years in June. Aside from the drag of trade policy uncertainty, the labor market is also under pressure from the White House's tightening immigration policies, which weakens labor supply. At the same time, businesses shifting to artificial intelligence tools and automation are also suppressing the demand for labor. Economists believe that the downward revision of employment growth data will not have much impact on monetary policy. The Federal Reserve is expected to resume cutting interest rates next Wednesday, after pausing the easing cycle in January due to uncertainty caused by tariffs.