Published by Global Banking and Finance Review
Posted on September 9, 2025
3 min readLast updated: January 22, 2026
The US dollar fell against the yen after job revisions showed nearly a million fewer jobs, suggesting a weaker labor market. The dollar index rose 0.3%.
By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - 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% 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% to 97.67, while the euro extended losses to $1.1721, down 0.4% on the day.
Against the Swiss franc, the dollar rose 0.3% 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% -9.96% 97.706 97.2
index 53
Euro/Doll 1.1719 1.1764 -0.38% 13.19% $1.178 $1.1
ar 718
Dollar/Ye 147.27 147.42 -0.12% -6.43% 147.385 146.
n 37
Euro/Yen 172.6 173.49 -0.51% 5.75% 173.51 172.
14
Dollar/Sw 0.796 0.7933 0.33% -12.29% 0.7965 0.79
iss 16
Sterling/ 1.3526 1.3545 -0.14% 8.15% $1.3591 $1.3
Dollar 526
Dollar/Ca 1.3833 1.3803 0.22% -3.8% 1.3834 1.37
nadian 94
Aussie/Do 0.6585 0.6592 -0.08% 6.45% $0.6619 $0.6
llar 585
Euro/Swis 0.9328 0.933 -0.02% -0.69% 0.9334 0.93
s 15
Euro/Ster 0.8661 0.8681 -0.23% 4.69% 0.8685 0.86
ling 56
NZ 0.5926 0.5941 -0.24% 5.92% $0.596 0.59
Dollar/Do 27
llar
Dollar/No 9.9669 9.9622 0.05% -12.31% 9.9928 9.93
rway 91
Euro/Norw 11.686 11.735 -0.42% -0.7% 11.768 11.6
ay 85
Dollar/Sw 9.3828 9.3439 0.42% -14.83% 9.3874 9.33
eden 75
Euro/Swed 11.0002 10.9959 0.04% -4.07% 11.0175 10.9
en 81
(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Chibuike Oguh; Editing by Mark Porter and Nick Zieminski)
The US dollar fell against the yen after the government revised job creation estimates, indicating nearly a million fewer jobs were created in the past year.
The downward revision of 911,000 jobs is the largest on record, surpassing previous significant revisions from March 2009 and last year.
Investors are bracing for the U.S. consumer prices index data, which may influence the Federal Reserve's decisions regarding interest rate cuts.
The dollar index rose 0.3% to 97.67, despite the overall decline against the yen, showing mixed performance against other currencies.
The revision suggests a significant cooling in the job market, leading to increased skepticism about job growth and pressure on the Federal Reserve.
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