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Twice a year, American Labor statistics are “trued up” in a substantial way. The first, and most substantial, comes in early February, in which the deepest dive into Labor statistics is conducted, and there is an annual revision to annual labor statistics, though it is almost a year late, focusing on March month end statistics of the prior year. On February 11, 2026, a reduction in the March, 2025 jobs statistics was announced.
You see, the monthly surveys are just that — surveys. Employers can respond to them or not, so really it’s just an estimate. There is a Quarterly Census of Employees and Workers (QCEW) which is based on state unemployment insurance and filings and is much more accurate, though not as accurate as the annual revision.
The second most accurate announcement happens in late August/early September, and it is a revision aimed at the March 2026 statistics in this case, and the March total non-farm statistics were revised downward by 79,000 and private employment was more than 178,000 lower. In an economy of more than 156,000,000 employees, that’s about 1.5% higher unemployment rate.
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