Payroll Employment Hit by 501,000 (-501,000) Downside Preliminary
Benchmark Revision for Year-Ended March 2019

Final 2019 Benchmarking Estimate Should Be Even Worse;
Publication Due With January 2020 Payrolls

Previously Estimated Jobs Gain for Full Year Ended March 2019 Was
Reduced by 20% (-20%) from 2.496 Million to 1.995 Million

Year-to-Year Payroll Growth Revised from 1.69% to 1.35%,
Weakest Since Great Recession

Negative Benchmarking Suggested Further FOMC Easing and
Weakening GDP in Revision