Dollar falls vs yen as US revisions show nearly a million fewer jobs in 12-month span
NEW YORK : The U.S. dollar fell against the yen on Tuesday after the government estimated the world's largest economy created nearly a million fewer jobs from April 2024 to March 2025, suggesting a far weaker labor market than what initial numbers showed in the 12-month period.
The greenback briefly extended losses in the wake of the payrolls revisions, but last trimmed them to trade at 147.94 yen, still down 0.3 per cent on the day.
The dollar gained against other currencies, meanwhile, recovering from Monday's losses as investors braced for the U.S. consumer prices index data on Thursday.
Data from the Bureau of Labor Statistics showed that the payrolls numbers were revised down by 911,000 jobs in the 12 months to March. In previous 12-month period through March 2024, the level of employment was slashed by 598,000 jobs.
According to Action Economics, the downward revision was the largest figure on record, topping the -824,000 reading in March of 2009 and the -818,000 figure in March last year. The revision implies job reductions of 76,000 per month for the 12-month time frame.
"The only thing growing faster than job-growth skepticism is the pressure on the Federal Reserve to finally sneak in some interest rate cuts because nothing says economic cooling (than) jobs turning into ghost stories," said Michael Ashley Schulman, chief investment officer at Running Point in El Segundo, California.
"Payroll revisions just turned the job story from fairytale to audit trail with a BLS saying the economy created 911,000 fewer jobs between April 2024 and March 2025, the biggest reality check in years, which is another way of saying the jobs fairy just clawed back a lot of cheer."
The dollar index rose 0.3 per cent to 97.67, while the euro extended losses to $1.1721, down 0.4 per cent on the day.
Against the Swiss franc, the dollar rose 0.3 per cent to 0.7959 franc.
Currency
bid
prices at
9
September
​ 03:20
p.m. GMT
Descripti RIC Last U.S. Pct YTD Pct High Low
on Close Change Bid Bid
Previous
Session
Dollar 97.689 97.396 0.31 per cent -9.96 per cent 97.706 97.2
index 53
Euro/Doll 1.1719 1.1764 -0.38 per cent 13.19 per cent $1.178 $1.1
ar 718
Dollar/Ye 147.27 147.42 -0.12 per cent -6.43 per cent 147.385 146.
n 37
Euro/Yen 172.6​ 173.49 -0.51 per cent 5.75 per cent 173.51 172.
14
Dollar/Sw 0.796 0.7933 0.33 per cent -12.29 per cent 0.7965 0.79
iss 16
Sterling/ 1.3526 1.3545 -0.14 per cent 8.15 per cent $1.3591 $1.3
Dollar 526​
Dollar/Ca 1.3833 1.3803 0.22 per cent -3.8 per cent 1.3834 1.37
nadian 94
Aussie/Do 0.6585 0.6592 -0.08 per cent 6.45 per cent $0.6619 $0.6
llar 585
Euro/Swis 0.9328 0.933 -0.02 per cent -0.69 per cent 0.9334 0.93
s 15
Euro/Ster 0.8661 0.8681 -0.23 per cent 4.69 per cent 0.8685 0.86
ling 56
NZ 0.5926 0.5941 -0.24 per cent 5.92 per cent $0.596 0.59
Dollar/Do 27
llar
Dollar/No 9.9669​ 9.9622 0.05 per cent -12.31 per cent 9.9928 9.93
rway 91
Euro/Norw 11.686 11.735 -0.42 per cent -0.7 per cent 11.768 11.6
ay 85
Dollar/Sw 9.3828 9.3439 0.42 per cent -14.83 per cent 9.3874 9.33
eden 75
Euro/Swed 11.0002 10.9959 0.04 per cent -4.07 per cent 11.0175 10.9
en 81
