US payrolls growth in the year through March is forecast to be weaker than current data illustrate — by one estimate about 500,000 jobs weaker.
JPMorgan Chase & Co.’s Daniel Silver estimates Wednesday’s government preliminary benchmark revision will shave nearly half a million off the level of total employment for March, or about 40,000 fewer jobs per month over the 12-month period.
Even with a downward revision of that size, average job growth would still be strong at around 300,000 payrolls a month. As a result, the revisions would likely not fundamentally alter economists’ views on the health of the labor market.
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