According to preliminary results of the U.S. government's annual benchmark revision released Tuesday, U.S. nonfarm payrolls are expected to be revised downward by 911,000 jobs in the 12 months ending in March, equivalent to an average monthly decline of nearly 76,000. Final figures will be released early next year. Prior to this report, the government's non-seasonally adjusted employment data showed that employers added nearly 1.8 million jobs in the 12 months ending in March, an average monthly increase of 149,000. The adjustment by the U.S. Bureau of Labor Statistics (BLS) indicates that the recent slowdown in the labor market follows a period of more moderate job growth, which could lay the groundwork for a series of interest rate cuts starting next week. Federal Reserve Chairman Powell recently acknowledged that risks to the job market have increased, and two of his colleagues favored lower borrowing costs in July. Traders generally expect the Fed to announce a rate cut at its next meeting.