March 2026 preliminary benchmark revision for US payrolls -79,000

Theresa Sheehan

The BLS issued the March 2026 preliminary benchmark revision for total nonfarm payrolls as a downward revision of 79,000. The size of the 2026 preliminary revision is substantially smaller than the past few years. The final revision for 2025 was down 898,000 and 2024 was down 598,000.

Total nonfarm payrolls have a strong tendency to be revised lower from the numbers in the monthly reports as the BLS incorporates data from state agencies. The benchmark revision will be applied with the January 2027 data in the monthly report set for release in February 2027. It is likely that the preliminary number will be revised somewhat.

Note that the BLS release says the preliminary annual revision for private payrolls is down 178,000 for March 2026.  This points to an upward revision in government hiring of around 100,000 which may be in part accounted for in recruitment of ICE enforcers and possibly some restaffing after aggressive cutbacks at federal agencies.

About the Author: Theresa Sheehan

Terry has followed the US economic data for over 35 years. First working with economic databases at McGraw/Hill-Data Resources, then as an economic data reporter at Market News International, and later as an analyst at Stone McCarthy Research Associates. She is deeply familiar with the major high-frequency data reports that drive the financial news cycle. She has followed the ins-and-out of the Board of Governors and District Bank Presidents, and developments in monetary policy as conditions have changed since the Volcker years. Terry is a graduate of the University of Maryland University College with bachelor’s degrees in English, Information Management, and Psychology.

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