US Economy Revised Down: Nearly a Million Fewer Jobs Reported, AI Impact on Tech Deepens
US Economy Revised Down: Nearly a Million Fewer Jobs Reported, AI Impact on Tech Deepens
The U.S. economy created nearly one million fewer jobs than initially reported over the past year, according to a significant preliminary benchmark revision from the Bureau of Labor Statistics (BLS). This downward adjustment paints a much weaker picture of the nation’s hiring momentum, with economists increasingly pointing to artificial intelligence as a key factor in tech sector job losses.
The BLS’s revision cut total employment between March 2024 and March 2025 by a staggering 991,000 jobs, a 0.6% reduction that far exceeded expectations and marks one of the sharpest annual adjustments in recent history. This recalibration reveals that job growth in 2024 averaged only 106,000 per month, down from 168,000, and has further slowed to just 44,000 jobs per month in 2025.
The information industry, encompassing internet companies, software publishing, and broadcasting, bore the brunt of the revisions, with employment revised down by 67,000 (2.3%) between March 2024 and March 2025, and continued declines into this summer. Experts like Bill Adams, chief economist at Comerica Bank, explicitly state that “The revised data show more clearly that AI is automating away tech jobs.” Other sectors, including leisure and hospitality, wholesale trade, and professional and business services, also experienced notable downward revisions. This data underscores a labor market significantly weaker than previously understood, raising serious questions about the ongoing impact of AI on employment across various industries.
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