GS: The QCEW itself has been revised up in every quarter since 2019 with the exception of 2020H1. The chart below shows that the preliminary estimate has been below the final revision in each of the last six years, by roughly 100k on average. An upward revision to the preliminary estimate of that size would mean the annual benchmark revision would leave the level of nonfarm payrolls in March 2026 roughly unchanged. Today’s revisions provide limited information about the current state of the labor market.