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U.S. Employment Data "Squeeze" Increases Fed Rate Cut Pressure
BlockBeats News, September 9th. According to the preliminary results of the annual benchmark revision released by the U.S. government on Tuesday, the U.S. non-farm payrolls are expected to be revised down by 911,000 for the 12 months ending in March this year, equivalent to an average monthly reduction of nearly 76,000. The final data will be announced in 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 increase of 149,000 per month. The Bureau of Labor Statistics (BLS) adjustment indicates that the recent softening in the labor market has come after a period of more modest job growth, setting the stage for a series of rate cuts starting next week.
Federal Reserve Chairman Powell recently acknowledged that the risks to the job market have increased, with two of his colleagues leaning towards lowering borrowing costs in July. Traders generally expect the Fed to announce a rate cut at the next meeting. (FXStreet)
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