Payroll Gains Cut by 911K as U.S. Issues Largest-Ever Benchmark Revision

U.S. Jobs Data Revised Sharply Lower, Markets Fade After Initial Rally
September 9, 2025

Bitcoin, gold, and Treasuries all retreated Tuesday after the U.S. released a historic payroll revision that dramatically altered the view of the labor market.

The preliminary benchmark update cut 911,000 jobs from official figures for the 12 months through March 2025 — the steepest downward revision on record. The adjustment suggests that monthly Nonfarm Payrolls (NFP) reports, closely tracked by traders and the Federal Reserve, had been overstating labor strength throughout the year.

Analysts noted that if the revised data had been available earlier, the Fed might have already embarked on a series of rate cuts. With the central bank set to meet next week, the figures fuel speculation it could deliver a 50 basis-point cut rather than the 25 basis points most investors had been expecting.

“Buy the Rumor, Sell the News” Reaction
Markets initially surged on the report before reversing:

Gold futures jumped above $3,700 for the first time and spot prices hit a record $3,670, but both later slipped back to $3,679, unchanged on the day.
Bitcoin (BTC) pulled back from nearly $113,000 to $111,600, a 1% daily decline.
10-year Treasury yields, briefly threatening to fall below 4%, instead climbed to 4.07%.

The revision underscores growing expectations for easier Fed policy, but traders appear reluctant to chase risk assets until next week’s decision provides clarity.