U.S. Labor Data Adjusted Downward by 911K in Unprecedented Payroll Revision

U.S. Jobs Revision Sparks Volatility as Bitcoin, Gold Slip From Highs
September 9, 2025

Markets turned lower Tuesday after the U.S. released a historic payroll benchmark revision that cast doubt on the strength of the economy.

The Labor Department cut 911,000 jobs from official estimates for the 12 months through March 2025 — the steepest downward revision on record. The adjustment highlights how monthly Nonfarm Payrolls (NFP) data, a cornerstone for investors and policymakers, had overstated labor market resilience.

Economists said the revised figures strengthen the case for rate cuts, with some suggesting the Fed might have been easing policy all year if the data had been available earlier. With a decision due next week, traders are now weighing the risk of a 50 basis-point cut instead of the widely expected quarter-point move.

Initial Surge Reverses
The news triggered sharp but fleeting rallies across rate-sensitive assets before momentum faded:

• Gold futures spiked past $3,700 for the first time, while spot gold touched a record $3,670, before easing back to $3,679, flat on the day.
• Bitcoin (BTC) slid from nearly $113,000 to $111,600, leaving it 1% lower over 24 hours.
• 10-year Treasury yields, briefly on track to fall below 4%, reversed higher to 4.07%.

Despite the historic revision, traders appear reluctant to push markets higher ahead of the Fed’s decision, preferring to wait for clarity on the size of next week’s rate cut.