US non farm payrolls revisions data due Wednesday – could wipe off 1mn jobs

Adam posted on this on Tuesday:

• Eyes on Wednesday’s non-farm payrolls benchmark revisions

Adam included the estimate from Goldman Sachs of between 600K and 1mn jobs to be cut from the data.

And JP Morgan of 360K jobs.

Economists will argue about this data, all the caveats, but the concern is that if the revision is a big ‘un like those estimates suggest then the US labour market is already cooling much more than was thought.

Wall Street Journal Fed watcher Nick Timiraos says the Fed won’;t be taken by surprise by a big revision:

This article was written by Eamonn Sheridan at www.forexlive.com.