WASHINGTON, Aug. 18 - The U.S. economy likely created 166,000 fewer jobs in the 12 months that passed through March than previously estimated, Labor Department's Bureau of Labor Statistics said on Wednesday.
The reading is a preliminary estimate of the BLS-annual benchmark revision to closely watched payrolls data.
Once a year the BLS compares its government payrolls data, based on monthly surveys of a sample of employers, with a much more complete database of unemployment insurance tax records.
Unofficial final benchmark revision will be released in February, along with BLS' February report on job opportunities. Government statisticians will use the final benchmark count to revise payroll data for months both prior to and after March.