{"id":3313,"date":"2025-09-09T16:18:43","date_gmt":"2025-09-09T16:18:43","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/2025\/09\/09\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/"},"modified":"2026-03-31T19:22:32","modified_gmt":"2026-03-31T19:22:32","slug":"qcew-revisions-confirm-fewer-u-s-jobs-were-added","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/","title":{"rendered":"QCEW revisions confirm fewer U.S. jobs were added"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-columns pad-t-hlf mob-pad-t-hlf pad-b-hlf mob-pad-b-hlf pad-l-hlf mob-pad-l-hlf pad-r-hlf mob-pad-r-hlf has-rbc-bright-blue-tint-4-background-color has-background is-layout-flex wp-container-core-columns-is-layout-65eef5bf wp-block-columns-is-layout-flex\" style=\"border-style:none;border-width:0px;border-radius:5px\">\n<div class=\"wp-block-column pad-b-hlf mob-pad-b-hlf pad-t-hlf mob-pad-t-hlf is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:98%\">\n<div class=\"wp-block-media-text is-stacked-on-mobile is-vertically-aligned-center mar-l-hlf pad-l-hlf\" style=\"grid-template-columns:22% auto\"><figure class=\"wp-block-media-text__media\"><img decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/09\/qcew3.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-18745 size-full\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p id=\"Intro\">This morning\u2019s QCEW (Quarterly Census of Employment and Wages) Benchmark revisions for the period April \u201924 to March \u201925 were on the low end of already negative expectations. The preliminary estimate that March payroll employment was 911k below current estimates means that monthly payroll&nbsp;gains were ~76k lower than the ~150K monthly average job gains that were reported over the period.&nbsp;<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<p>While the BLS revisions are published with a significant lag, this morning\u2019s revisions point to a weaker jumping off point. In recent months, it has become exceedingly difficult to ascertain what constitutes a weak NFP print, especially as structural changes have muted cyclical weakness that would typically flash red. Moreover,&nbsp;<a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/featured-insights\/nfp-revisions-in-focus-what-happened-in-the-july-payrolls-report\/\" target=\"_blank\" data-dig-id=\"LP-U.S.Analysis-DataFlashes-US-3313-22e45a33\" data-dig-category=\"LP-U.S.Analysis-DataFlashes-US\" data-dig-action=\"link click\" data-dig-label=\"larger-than-usual monthly revisions\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">larger-than-usual monthly revisions<\/a>&nbsp;have muddied the payrolls picture even further. In what follows, we answer a few key questions on this morning\u2019s BLS revisions:&nbsp;<\/p>\n\n\n\n<div id=\"everviz-ZhtfmnjH2\" class=\"everviz-ZhtfmnjH2\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-rbc-bright-blue-tint-1-color has-alpha-channel-opacity has-rbc-bright-blue-tint-1-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div style=\"height:22px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-container is-layout-carousel-carousel is-mobile-per-page-1 is-desktop-per-page-1 default is-style-default\"><div class=\"carousel-wpr top-controls\" data-mobile-per-page=\"1\" aria-label=\"Carousel Container\" data-visible-slide=\"1\" data-infinite-loop=\"true\"><div class=\"carousel-ctrl\"><div class=\"carousel-indicators\"><\/div><button class=\"carousel-prev slick-arrow\" aria-label=\"previous slide\"><\/button><button class=\"carousel-next slick-arrow\" aria-label=\"next slide\"><\/button><\/div><div class=\"col-wpr eh-wpr carousel-inner\">\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-1d0c70286609d9b1266580989160a0b0\" id=\"h-1-what-is-the-significance-of-the-qcew-benchmark-revisions-and-why-are-the-monthly-payroll-numbers-revised\">1. What is the significance of the QCEW Benchmark revisions and why are the monthly payroll numbers revised?<\/h4>\n\n\n\n<p>The BLS conducts annual benchmark revisions to re-align Current Employment Statistics (CES) estimate of payroll employment to the Quarterly Census of Employment and Wages (QCEW). The CES uses a sample from the broader QCEW universe and provides more timely payroll estimates. But the timeliness comes at the expense of accuracy. The QCEW uses administrative data from unemployment insurance tax records that cover over 95% of US jobs. Since QCEW data takes more time to collect and process, the CES is benchmarked to the QCEW once a year, as certain data collection processes and estimation techniques can lead to a divergence between CES and QCEW growth rates. The preliminary benchmark was released in September and suggested a downward revision of -919k jobs from April 2024 to March 2025. The final revised data for national CES is set to be released in February and we expect it will show a sizable revision \u2013 a trend that has been more pronounced in the post-Covid economy.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-3f3987abace72608552e399d825f4ec2\" id=\"h-2-why-would-we-see-a-significant-downside-to-monthly-payroll-growth-suggested-in-the-ces-survey\">2. Why would we see a significant downside to monthly payroll growth suggested in the CES survey?<\/h4>\n\n\n\n<p>Typically, revisions are quite small (amounting to about 0.1% &#8211; vs. this morning\u2019s revision of 0.6%). More sizeable revisions often come at a turning point in the labor market &#8211; were the birth-death model used to prepare monthly payroll employment estimates overstate business creation and understates dissolution.<\/p>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/4\/2025\/09\/QCEW-LIST-2-new2.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-18843\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-0d608ee84acfdf6825286a9d4a699ce8\" id=\"h-3-do-these-revisions-alter-how-we-interpret-recent-monthly-nfp-prints-and-larger-than-expected-revisions-nbsp\">3. <strong>Do these revisions alter how we interpret recent monthly NFP prints and larger-than-expected revisions?&nbsp;<\/strong><\/h4>\n\n\n\n<p>This morning\u2019s revisions suggest a weaker jumping off point than we had previously assumed. Moreover, our forecast had called for a breakeven employment rate of ~100k, implying that the US labor market would need to add roughly 100k jobs in order for the unemployment rate to hold steady (a jobs print below that number would result in an uptick in the unemployment rate).<\/p>\n\n\n\n<p>Since QCEW benchmark revisions are revisions to job growth exclusively, and not the unemployment rate, this suggests that the breakeven rate is likely meaningfully lower than our initial forecast, especially when coupled with more stringent immigration policy.&nbsp;<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<p>This means that average payroll growth of 29k over the past three months is likely better than it seems against a lower breakeven rate. Still, the 22k August payroll print was undoubtedly below the new breakeven rate, and when we net out non-cyclical sectors, cyclical goods and services sectors together have shed jobs since April.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/4\/2025\/09\/QCEW-LIST-3-new6.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-18849\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-tint-1-color has-text-color has-link-color wp-elements-7ce58fba4a0616fafdb29a5df17ee842\" id=\"h-4-does-this-change-how-we-interpret-the-current-state-of-the-us-labor-market\">4. <strong>Does this change how we interpret the current state of the US labor market?<\/strong><\/h4>\n\n\n\n<p>In short, no. The reality is, we have almost certainly reached a cyclical turning point in the US labor market \u2013 as evidenced by rising monthly NFP revisions against lower response rates and a stagnation in cyclical goods and services job growth. But economists and market participants have increasingly struggled to interpret nonfarm payrolls prints against the backdrop of significant structural changes to the labor market.&nbsp;<\/p>\n\n\n\n<p>In our view, it is certainly possible to be in an environment of cyclical slowing and also recognize structural changes (a surge in retirements and more limited immigration) that will put a floor under how weak the labor market can become and\/or allow it to bounce back more quickly.&nbsp;<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<p>This morning\u2019s QCEW revisions suggest that the difference between monthly nonfarm payroll gains and the breakeven rate is a narrower margin. Still, over the past six months, the vast majority of jobs have been added in the health care sector \u2013 one that is not cyclically exposed. Looking at sectors exposed to cyclical weakness, growth has been minimal and we are more clearly living in a Tale of Two Labor Markets \u2013 where uncertainty paralysis and tariff exposure have limited hiring for sectors exposed to business cycle fluctuations, and on the other end of the spectrum, sectors that support aging demographics like health care, continue to hire. &nbsp;<\/p>\n\n\n\n<p>The takeaway is that it is becoming all the more difficult to interpret labor market signals muddled by this bifurcation. Similar to the Fed, we will be focused on the trajectory (and magnitude) of movements in the unemployment rate as we hover in an \u201cair pocket\u201d of not knowing if tariffs will manifest as a job shock or an inflation shock or a mix of both (as we suspect).<\/p>\n<\/div>\n<\/div><\/div><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-rbc-bright-blue-tint-1-color has-alpha-channel-opacity has-rbc-bright-blue-tint-1-background-color has-background is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center\"><strong>About the Author<\/strong><\/p>\n\n\n\n<p><em><strong>Carrie Freestone<\/strong>&nbsp;is an economist and a member of the macroeconomic analysis group. She is responsible for examining key economic trends including consumer spending, labour markets, GDP, and inflation.<\/em><\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Carrie Freestone answers four key questions about the jobs&#8217; revisions and why they matter. <\/p>\n","protected":false},"author":318,"featured_media":2643,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[85,81],"tags":[58,110],"class_list":["post-3313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-data-flashes","category-us-analysis","tag-labour-market","tag-u-s"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>QCEW revisions confirm fewer U.S. jobs were added - RBC Economics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"QCEW revisions confirm fewer U.S. jobs were added\" \/>\n<meta property=\"og:description\" content=\"Carrie Freestone answers four key questions about the jobs&#039; revisions and why they matter.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC Economics\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-09T16:18:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-31T19:22:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/US-compressed.png?quality=80\" \/>\n\t<meta property=\"og:image:width\" content=\"6134\" \/>\n\t<meta property=\"og:image:height\" content=\"3700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"viktoriyapanahova\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"viktoriyapanahova\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/\"},\"author\":{\"name\":\"viktoriyapanahova\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/109dd1bd3c90e818f8159356d46905ea\"},\"headline\":\"QCEW revisions confirm fewer U.S. jobs were added\",\"datePublished\":\"2025-09-09T16:18:43+00:00\",\"dateModified\":\"2026-03-31T19:22:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/\"},\"wordCount\":901,\"image\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/US-compressed.png?quality=80\",\"keywords\":[\"Labour Market\",\"U.S.\"],\"articleSection\":[\"Data Flashes - US\",\"U.S. Analysis\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/\",\"url\":\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/\",\"name\":\"QCEW revisions confirm fewer U.S. jobs were added - RBC Economics\",\"isPartOf\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/US-compressed.png?quality=80\",\"datePublished\":\"2025-09-09T16:18:43+00:00\",\"dateModified\":\"2026-03-31T19:22:32+00:00\",\"author\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/109dd1bd3c90e818f8159356d46905ea\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#primaryimage\",\"url\":\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/US-compressed.png?quality=80\",\"contentUrl\":\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/US-compressed.png?quality=80\",\"width\":6134,\"height\":3700},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.rbc.com\/en\/economics\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"QCEW revisions confirm fewer U.S. jobs were added\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#website\",\"url\":\"https:\/\/www.rbc.com\/en\/economics\/\",\"name\":\"RBC Economics\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rbc.com\/en\/economics\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/109dd1bd3c90e818f8159356d46905ea\",\"name\":\"viktoriyapanahova\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/885bcff339d33080f070ec9cbe77fcf3007653305ae17de7827e19af43e61913?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/885bcff339d33080f070ec9cbe77fcf3007653305ae17de7827e19af43e61913?s=96&d=mm&r=g\",\"caption\":\"viktoriyapanahova\"},\"url\":\"https:\/\/www.rbc.com\/en\/economics\/author\/viktoriyapanahova\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"QCEW revisions confirm fewer U.S. jobs were added - RBC Economics","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/","og_locale":"en_US","og_type":"article","og_title":"QCEW revisions confirm fewer U.S. jobs were added","og_description":"Carrie Freestone answers four key questions about the jobs' revisions and why they matter.","og_url":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/","og_site_name":"RBC Economics","article_published_time":"2025-09-09T16:18:43+00:00","article_modified_time":"2026-03-31T19:22:32+00:00","og_image":[{"width":6134,"height":3700,"url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/US-compressed.png?quality=80","type":"image\/png"}],"author":"viktoriyapanahova","twitter_card":"summary_large_image","twitter_misc":{"Written by":"viktoriyapanahova","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#article","isPartOf":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/"},"author":{"name":"viktoriyapanahova","@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/109dd1bd3c90e818f8159356d46905ea"},"headline":"QCEW revisions confirm fewer U.S. jobs were added","datePublished":"2025-09-09T16:18:43+00:00","dateModified":"2026-03-31T19:22:32+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/"},"wordCount":901,"image":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/US-compressed.png?quality=80","keywords":["Labour Market","U.S."],"articleSection":["Data Flashes - US","U.S. Analysis"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/","url":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/","name":"QCEW revisions confirm fewer U.S. jobs were added - RBC Economics","isPartOf":{"@id":"https:\/\/www.rbc.com\/en\/economics\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#primaryimage"},"image":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/US-compressed.png?quality=80","datePublished":"2025-09-09T16:18:43+00:00","dateModified":"2026-03-31T19:22:32+00:00","author":{"@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/109dd1bd3c90e818f8159356d46905ea"},"breadcrumb":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#primaryimage","url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/US-compressed.png?quality=80","contentUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/US-compressed.png?quality=80","width":6134,"height":3700},{"@type":"BreadcrumbList","@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/qcew-revisions-confirm-fewer-u-s-jobs-were-added\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rbc.com\/en\/economics\/"},{"@type":"ListItem","position":2,"name":"QCEW revisions confirm fewer U.S. jobs were added"}]},{"@type":"WebSite","@id":"https:\/\/www.rbc.com\/en\/economics\/#website","url":"https:\/\/www.rbc.com\/en\/economics\/","name":"RBC Economics","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rbc.com\/en\/economics\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/109dd1bd3c90e818f8159356d46905ea","name":"viktoriyapanahova","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/885bcff339d33080f070ec9cbe77fcf3007653305ae17de7827e19af43e61913?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/885bcff339d33080f070ec9cbe77fcf3007653305ae17de7827e19af43e61913?s=96&d=mm&r=g","caption":"viktoriyapanahova"},"url":"https:\/\/www.rbc.com\/en\/economics\/author\/viktoriyapanahova\/"}]}},"author_meta":{"display_name":"viktoriyapanahova","author_link":"https:\/\/www.rbc.com\/en\/economics\/author\/viktoriyapanahova\/"},"featured_img":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/US-compressed.png?quality=80&w=300","jetpack_featured_media_url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/06\/US-compressed.png?quality=80","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/us-data-flashes\/\" class=\"advgb-post-tax-term\">Data Flashes - US<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/\" class=\"advgb-post-tax-term\">U.S. Analysis<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Data Flashes - US<\/span>","<span class=\"advgb-post-tax-term\">U.S. Analysis<\/span>"]},"tags":{"linked":["<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/\" class=\"advgb-post-tax-term\">Labour Market<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/\" class=\"advgb-post-tax-term\">U.S.<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Labour Market<\/span>","<span class=\"advgb-post-tax-term\">U.S.<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 7 months ago","modified":"Updated 3 days ago"},"absolute_dates":{"created":"Posted on September 9, 2025","modified":"Updated on March 31, 2026"},"absolute_dates_time":{"created":"Posted on September 9, 2025 4:18 pm","modified":"Updated on March 31, 2026 7:22 pm"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/3313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/users\/318"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/comments?post=3313"}],"version-history":[{"count":4,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/3313\/revisions"}],"predecessor-version":[{"id":8791,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/3313\/revisions\/8791"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media\/2643"}],"wp:attachment":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media?parent=3313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/categories?post=3313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/tags?post=3313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}