BREAKING: Total nonfarm payrolls were revised down by another -79,000 jobs for the 12 months ending March 31st, 2026, in the BLS's preliminary benchmark revision. This follows last year's record -911,000 revision and marks the 4th consecutive annual downward adjustment, matching the streak that ended in 2010 after the 2008 Financial Crisis. This also marks the 7th downward revision over the last 8 years, with cumulative revisions of nearly -2.5 million jobs over this period. The latest revision was driven by a -178,000 downward adjustment to private payrolls, partly offset by a +99,000 upward revision to government payrolls. The US labor market has been weaker than initially reported for years.(The Kobeissi Letter)