1/ Prelimiminary benchmark to the level of nonfarm payroll employment as of March 2025: -911,000 (-0.6%). Large and negative, though not out of line with what most were expecting.

Important reminders:

• Household survey 100% unaffected (unemployment rate, prime working age epop)

• Post-March-2025 data untouched

• The unrevised time series remain in place until early 2026

• Final revision probably slightly less negative