The Bureau of Labor Statistics (BLS) reported revisions to jobs data from March 2024-March 2025 that showed a downward revision of 911,000 jobs from initial estimates. The total revision was more than 50% higher than last year’s adjustment and the largest on record going back to 2002. The downward revisions by industry include construction (revised down by 29,000 jobs), and manufacturing (revised down by 95,000 jobs).
The BLS data came as the U.S Census Bureau’s latest household financial well-being survey found that for 2024, inflation-adjusted median household income remained flat at $83,730—about the same as 2023. Moreover, the survey found that inflation-adjusted median household income remains roughly the same as it was in 2019, following sharp declines after Covid’s onset and a tepid recovery since then. This means that average households have not gained ground economically since the Covid-19 pandemic, underscoring the continued toll of rising prices.