📊 Market Update – U.S. Nonfarm Employment Benchmark Revision
The U.S. Bureau of Labor Statistics (BLS) will release its annual preliminary benchmark revision of nonfarm employment figures tonight at 22:00 UTC+8.
🔹 The previous benchmark revision was -598,000, reflecting weaker job growth than initially reported.
🔹 This revision typically adjusts employment data from the past year, offering a clearer picture of labor market strength.
🔹 Its release is highly significant for monetary policy, as it can reshape expectations around Federal Reserve interest rate decisions.
📉 With Chair Jerome Powell recently acknowledging labor market softness, markets have already priced in a September Fed rate cut, citing a “weak labor market” as the key driver.
👉 A larger downward revision could reinforce dovish sentiment and strengthen rate-cut bets.
👉 A smaller or positive revision may soften expectations for aggressive Fed easing.