TechFlow, September 9 — According to Jinshi Data, preliminary results of the U.S. government's annual benchmark revision released Tuesday show that nonfarm employment in the United States for the 12 months through March this year is expected to be revised downward by 911,000, equivalent to nearly 76,000 fewer jobs per month on average. The final figures will be released at the beginning of next year.
Prior to this report, unadjusted government employment data showed employers added nearly 1.8 million jobs over the 12 months through March, averaging 149,000 per month. The current adjustment by the U.S. Bureau of Labor Statistics (BLS) indicates that the recent labor market slowdown follows a period of more modest job growth, potentially laying the groundwork for a series of rate cuts beginning next week. Federal Reserve Chair Powell recently acknowledged rising risks facing the labor market, while two of his colleagues favored lowering borrowing costs in July.
Traders broadly expect the Federal Reserve to announce an interest rate cut at its next meeting.
