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Nearly 1 Million Jobs Disappeared—And No One Noticed Until Now - Vanguard S&P 500 ETF (ARCA:VOO)
The Bureau of Labor Statistics is expected to report a significant job number revision potentially reducing employment by up to 900,000, influencing Federal Reserve interest rate decisions.
- The US Dollar Index starts the week on the defensive, trading around 97.60 and down 0.16%, as markets price in a Federal Reserve rate cut on September 17 ahead of the Bureau of Labor Statistics' NFP revision on Tuesday, September 9.
- The BLS's annual recalibration procedure means this year's revision estimates range from about 550k to 900k jobs, with economists cautioning the preliminary estimate could slash up to a million jobs.
- This morning's benchmark update showed the BLS benchmark revision removed half of the employment gains during the 12 months through March, with the U.S. government saying it overstated job growth by 911,000 workers.
- Treasuries took a breather after the revision stalled volatility flows, stock indices hovered near flatlines as Wall Street awaited PPI and CPI inflation reports, and spot gold hit a record $3,659.1 an ounce.
- Analysts say a 50k–75000 cut would spur dovish market re-pricing, as last year's benchmark revision removed 818,000 jobs and Fed Governor Chris Waller noted private employment stagnated in recent months.
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US Dollar Declines With Fed Rate Moves and Jobs Revisions in Focus - Finnoexpert
The continues to trade with a heavier bias. Today, the is leading the move on the back of renewed speculation that the BOJ may still hike rates this year. The Australian dollar has broken above $0.6600 to approach the year’s high, while the Canadian dollar is the laggard, as is often the case in a soft US dollar environment. With the encouragement of the PBOC, which set the dollar’s reference rate at a new low for the year, the market has pushed…
Coverage Details
Total News Sources11
Leaning Left1Leaning Right1Center2Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 25%
C 50%
R 25%
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