The United States’ economy likely added 462,000 more jobs in the year through March than previously projected, according to the Labor Department’s Bureau of Labor Statistics on Wednesday.
The figure is a preliminary estimate of the Bureau of Labor Statistics’ yearly “benchmark” correction of the carefully monitored payrolls statistics.
With an estimated additional 571,000 jobs, the private sector will most likely account for the entire upward revision. Government payrolls are expected to be reduced by 109,000 positions.
“While a ‘extra’ 462,000 jobs is notable to some degree, it boosts employment growth by only 39,000 jobs per month on average over the year through March 2022,” said Daniel Silver, an economist at JPMorgan in New York.
In July, the economy recovered all of the employment lost during the COVID-19 pandemic recession, but Silver warned that “there is a chance that this moves somewhat earlier as a result of the benchmark revision.”
Professional and business services are forecast to lead the upward revision, with an additional 270,000 jobs. Transportation and warehousing employment is expected to increase by 151,600, while leisure and hospitality employment could increase by 140,000.
Construction, information, financial activities, and wholesale commerce are all projected to see significant upward revisions. However, retail trade payrolls could be reduced by 323,300 jobs.
The BLS compares its nonfarm payroll data, which is based on monthly surveys of a sample of employers, with a far larger database of unemployment insurance tax records once a year.
The final benchmark revision will be revealed in February, along with the BLS’ January employment report. The final benchmark count will be used by government statisticians to modify payroll data for months previous to and following March.