The biggest correction in history raises new doubts about the strength of the U.S. economy. 

The Bureau of Labor Statistics (BLS) just dropped a bombshell: its annual benchmark revision showed the economy added 911,000 fewer jobs between April 2024 and March 2025 than we thought.  

That’s the largest revision on record since the BLS started keeping track in 1979. 

At first glance, this looks like a bookkeeping footnote. But it’s actually a flashing red warning sign for the economy.  

What is the BLS? 

The BLS is the scorekeeper for the American economy. Every month, it measures jobs, wages, prices, and productivity so policymakers, businesses, and households can make decisions based on facts, not guesses. 

Without trusted public data, we’d be flying blind – or relying on private, paywalled estimates that investors and corporations buy but ordinary people can’t access. Reliable numbers are what allow markets to function, businesses to plan, and households to make financial decisions with some confidence.

Why Revisions Happen 

The monthly jobs report comes from a payroll survey of about 140,000 businesses. But the BLS has to publish the number fast – just a couple weeks after the month ends – so not every business responds in time. The first estimate is based on about 70% of responses. 

Over the next two months, more businesses send their reports in, and the BLS revises the number. Then, once a year, the agency checks the survey against payroll tax records – basically a near-complete census of U.S. jobs. That’s when we find out whether the monthly surveys overshot or undershot. 

The 2025 Report in Context 

Most years, the revisions are significant but relatively close to the original estimates. Going back to 1979, the average annual revision has been about 280,000 jobs in either direction. Considering how big the American workforce is, those revisions represent just a fraction of a percent of all jobs – the BLS is pretty accurate.  

The latest revision of 911,000 fewer jobs is more than three times the average. It’s also the largest ever recorded. The only revision that comes close was in 2009, right in the thick of the Great Recession.  

What It Means 

Revisions don’t change what actually happened in the economy – they just correct the record.  

But this year’s correction tells us something important: the labor market was weaker than we realized. Responding to the BLS report, JPMorgan CEO Jamie Dimon warned “I think the economy is weakening. Whether it’s on the way to recession or just weakening, I don’t know.” 

Dimon isn’t alone in sounding cautious. A revision this large – nearly a million jobs wiped off the books – reinforces what many households have been feeling already: the economy doesn’t feel as strong on the ground as some headlines suggested. Slower hiring, tighter budgets, and rising borrowing costs are visible in communities across the country.