As it happened last year and as expected, USA created in the 12 months of March much less employment initially. The data review published Tuesday by the Office of Labor Statistics (BLS) reflects that between March 2024 and 2025 911,000 non -agricultural jobs were created less than what had been published. Although economists were waiting for a ‘thick’ figure, and although this review will not be incorporated into official data until next year, the ‘broken’ intensifies the pressures on the Federal Reserve to lower gallop interest rates. If the weak Employment Report of August, published on Friday, opened the debate on a ‘Jumbo’ cut of 50 basic points of the Fed next week, this review can exacerbate it.
After the stir for the important downward reviews of the non -agricultural payrolls in May and June, which cost the position responsible for the BLS, whom Trump dismissed in a fulminating way, a figure of between -500,000 and 800,000 for this statistical adjustments that is made every year to cross the monthly survey to the companies with those of the quarterly census of employment and salary were expected. (Qcew).
The governor of the Fed Christopher Waller, maximum defender of the type cuts inside the Central Bank hinted at a figure close to -720,000 in his speech of just over a week ago, which threw a cut of 60,000 positions per month. The data show that it fell short, which will fueling the debate within the Central Bank. “This would represent a significant change in the labor market narrative and could generate doubts about why the Fed should not cut 50 basic points this month,” Ing analysts find.
