The number of non-farm payrolls in the United States may have been revised down sharply in the past year, and the worst is expected to be revised down 1 million

Preliminary benchmark revisions released by the administration on Wednesday are expected to show that non-farm payrolls grew by at least 600,000 weaker than current estimates in the year to March, equivalent to about 50,000 a month. JPMorgan forecasters put the downgrade at about 360,000, while Goldman Sachs said it could reach as high as 1 million. If the number of jobs is revised down by more than 501,000, it would be the largest in 15 years, suggesting that the labor market has been cooling for longer than previously thought and could cool more. The data are also likely to affect the tone of Federal Reserve Chairperson Jerome Powell's speech in Jackson Hole, Wyoming. As inflation and the job market cool, investors are trying to gain insight into when and how much the central bank will start cutting interest rates.