"No Longer Negative": BLS Annual Benchmark Revision Will Revise Payrolls Higher For First Time Since 2022

The Bureau of Labor Statistics is scheduled to release its preliminary estimate of the benchmark revision to the March 2026 nonfarm-payroll level at 10 a.m. ET on Friday, August 28. The revision is expected to be higher, marking the first upward annual benchmark revision since 2022, according to the report. The release will coincide with remarks from Chairman Warsh at Jackson Hole, putting a labor-data adjustment and a major central-bank communication event on the same market calendar slot.

Benchmark revisions use more comprehensive employment data to reassess the payroll level previously reported through the monthly survey. The key source cited for this exercise is the Quarterly Census of Employment and Wages, or QCEW, which provides a broader administrative-based reference than the initial monthly payroll estimates. The preliminary figure released Friday will not be the final adjustment: BLS plans to issue and incorporate the final benchmark revision with the January 2027 employment report in February 2027.

The immediate market link runs through the interpretation of payroll momentum and monetary policy. A higher March 2026 employment level would alter the baseline from which subsequent payroll changes are assessed, potentially changing the apparent extent of labor-market cooling. Warsh’s remarks add a second channel, because investors will be parsing the policy implications of employment data at the same time as the benchmark information arrives.

The report does not provide the size of the preliminary revision, a revised monthly payroll path, or a BLS estimate of how the adjustment would affect policy decisions. It also does not establish that the upward revision represents stronger current hiring; the benchmark primarily changes the measured level of employment for the reference period. The preliminary estimate can still be revised before the final adjustment is published in February 2027.

The first checkpoint is the BLS release at 10 a.m. ET on August 28, when the size and direction of the preliminary adjustment should become available. The next key event is Warsh’s Jackson Hole remarks at the same time, which may determine whether markets treat the labor revision as policy-relevant or as a statistical housekeeping change. The final benchmark revision and its incorporation into payrolls are scheduled for February 2027 alongside the January 2027 employment report. Until then, the size of the revision and the response from policymakers remain the central open questions.