Important Takeaways:

• As many as a million jobs could vanish from US jobs data in revised numbers released this week.
• Jobs growth in the year through March was likely much lower than initially estimated, top bankers are warning.
• This could refuel concerns that the US economy is not as robust as it has appeared, and that the Federal Reserve is falling behind in its aim to lower interest rates.
• The government will release its first revisions of jobs growth data on Wednesday, and then the final numbers are due early next year.
• Goldman Sachs economists expect jobs growth for the year will be at least 600,000 weaker than current estimates – and the decline could be as much as a million.
• A downward revision of more than 501,000 would be the largest in 15 years, Bloomberg reported, and would suggest the labor market has been cooling for longer than was originally thought.
• The unemployment rate also edged higher to 4.3 percent – the highest level since October 2021.

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