US Payrolls Were Likely 306,000 Lower Than Previously Estimated

US job growth was probably less robust in the year through March than previously reported, according to government data released Wednesday.

The number of workers on payrolls will likely be revised down by 306,000 for March of this year, according to the Bureau of Labor Statistics’ preliminary benchmark revision. The downward adjustment was smaller than some economists expected.Last year, the government’s jobs reports showed hotter-than-expected payroll growth nearly every month. That persistent strength surprised economists time and again and was a key reason behind steady interest-rate hikes by the Federal Reserve.

The biggest downward adjustments were in transportation and warehousing, as well as professional and business services. Retail and wholesale trade payrolls are estimated to be revised higher. When the March payrolls figures are aligned to that count, the change is proportionally distributed across the year ended in March. First-quarter QCEW figures were also released Wednesday.

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