The US economy added 911,000 fewer jobs than initial estimates had suggested in the year through March, according to preliminary data from the Labor Department released on Tuesday.

The routine annual report – a revision to payrolls data – showed that the jobs market had been growing at a slower pace than previously thought at the end of the Biden administration and in the first months of the Trump administration.

Economists had anticipated a large downward revision, but the weaker-then-expected figure bolstered concerns about the health of the world’s largest economy.

The Federal Reserve is closely watching for signs of softness in the jobs market ahead of its meeting next week.

The US central bank is expected to lower its benchmark interest rate after holding rates steady so far this year, as it weighs signs of a slowdown in the jobs market against fears that US President Donald Trump’s tariffs might reignite inflation.

Last week, the Labor Department reported that employers added just 22,000 jobs in August, fewer than expected, while the unemployment rate ticked up from 4.2% to 4.3%. Tuesday’s data added to this picture of a slowing jobs market, reinforcing expectations that the US central bank will cut interest rates next week.

The job growth revisions come at a politically fraught time for the Bureau of Labor Statistics. Just weeks ago, President Trump responded to the signs of a slowdown by firing the head of the agency, accusing Erika McEntarfer, without evidence, of rigging the numbers to make him look bad.

Analysts say the more recent troubles in the job market are partly due to the president’s sweeping changes to tariff and immigration policy, which economists have consistently warned would hurt the economy.

But the Labor Department revisions, which encompass part of the Biden administration, could serve as a boost for President Trump, who has pushed back against claims that his policies are fuelling weakness in the jobs market.

“President Trump was right: Biden’s economy was a disaster and the BLS is broken,” White House press secretary Karoline Leavitt said in a statement on Tuesday.

She reiterated longstanding calls from the Trump administration for Jerome Powell, the chair of the Fed, to “cut the rates now”.

Wall Street largely looked past the jobs growth revisions, with the S&P 500 index holding steady in early trading on Tuesday. But investors remain on edge.

Fresh inflation data is set to be released on Thursday. That could bring fears of stagflation – a situation in which economic growth slows while consumer prices rise – to the forefront, said Chris Zaccarelli, chief investment officer at Northlight Asset Management.

Zaccarelli added that while a deteriorating jobs market “should make it easier for the Fed to cut rates this fall, it could also throw some cold water on the recent rally.”

The Labor Department’s revisions were broad-based, with particularly large adjustments in services sectors including leisure and hospitality.

“With services being the last bastion of employment growth, this does not bode well for the overall health of the labour market,” Bradley Saunders, North America economist at Capital Economics, said in a research note.

Last Updated:September 09, 2025, 19:24 IST

According to Forbes, his 2023 wealth is $1.8 billion. While smaller than Elon Musk or Mukesh Ambani, it’s a remarkable feat for a small country like Nepal

His business acumen led him to partner with global brands like Suzuki and Panasonic. (News18 Hindi)

In the heart of the Himalayas, Nepal’s only billionaire, has built a fortune of $1.8 billion (around Rs 15,000 crore), showcasing a remarkable journey of entrepreneurship.

At 69, Binod Chaudhary, chairman of Chaudhary Group (CG Corp Global), has built a formidable empire of 136 companies, from ‘Wai Wai’ noodles to Taj Hotels, spanning sectors like banking, hotels, FMCG, energy, education, and health.

Born into a Marwari family in Kathmandu, Chaudhary’s roots trace back to Rajasthan, India. His grandfather migrated to Nepal and laid the foundation of their business legacy. His father then opened Nepal’s first departmental store, a significant achievement at the time.

Although Chaudhary was expected to take over the family business, he initially aspired to become a chartered accountant and began his studies in India. However, he had to return home at the age of 18 due to his father’s illness, leaving his academic pursuits behind and entering the business world.

From Disco To ‘Wai Wai’

Chaudhary’s journey into entrepreneurship began with opening Nepal‘s most famous disco in Kathmandu in 1973, which quickly became a youth hotspot.

In 1984, Chaudhary launched ‘Wai Wai’ noodles, now a staple in kitchens across India and Nepal, especially loved by children and adults in North and Northeast India

His business acumen led him to partner with global brands like Suzuki and Panasonic, further bolstering his ventures.

Nabil Bank To Taj Hotels

In 1995, Binod Chaudhary made a strategic move by acquiring a controlling stake in Nabil Bank from the Dubai government, which has since become Nepal’s leading bank. His most successful endeavour, however, lies in the hospitality sector. Chaudhary Group boasts 143 hotels, including several 5-star establishments in collaboration with India’s renowned Taj Hotels, spread across Nepal, India, and Sri Lanka, epitomising luxury.

Empire Of 136 Companies

Chaudhary Group’s influence extends far beyond noodles and hotels. It encompasses sectors such as banking, real estate, telecom, energy, education, and health, with projects ranging from power initiatives in Nepal to electronics in India.

According to Forbes, Binod Chaudhary’s wealth in 2023 was $1.8 billion. Although this is modest compared to giants like Elon Musk ($247 billion) or Mukesh Ambani ($107.1 billion), it is a significant achievement for a small country like Nepal.

Bollywood Dreams, Tata-Mandela Inspiration

Chaudhary is an ardent fan of Bollywood, particularly of Amitabh Bachchan’s films. He draws inspiration from JRD Tata, who revolutionised Indian business, and Nelson Mandela, who demonstrated the power of change. Besides being a successful businessman, Chaudhary serves as a Member of Parliament in Nepal, adding another dimension to his illustrious career.

Sons Take The Helm

At 69, Binod Chaudhary has entrusted the future of Chaudhary Group to his three sons, Nirvan, Rahul, and Varun, who are poised to elevate the business further, ensuring the continued success of ‘Wai Wai’ and Taj Hotels.

Read More