TechFlow news, on August 21, according to Coindesk, the U.S. Bureau of Labor Statistics will release preliminary estimates on Wednesday for benchmark revisions to nonfarm payroll data from April 2023 through March 2024. Morgan Stanley expects employment figures could be revised down by 600,000, averaging a reduction of 50,000 per month. However, Goldman Sachs believes this downward revision may overstate the extent of economic weakness.
Goldman Sachs' economic research team stated that while the revision might reduce monthly job growth from 250,000 to 165,000–200,000, the "true" growth could be closer to 200,000–240,000. They noted the data does not include undocumented immigrants who contribute to employment growth. This data release could trigger market volatility, and Goldman advises Bitcoin shorts to remain cautious. Investors will also focus on the minutes from the Fed's July meeting for clues on the direction of monetary policy.
