Title: Breaking News: U.S. Employment Data Revisions Predicted to Impact Stock Market Today
At 10 a.m. Eastern time, the Bureau of Labor Statistics is set to release its benchmark revisions on U.S. employment data from April 2023 to March 2024. Wall Street forecasts a significant reduction in employment gains during that period, with estimates ranging from 600,000 to 1 million job losses.
Analysts are warning that this data release could attract heightened attention from investors, who are currently closely monitoring labor-market data. Recent market reactions to the July jobs report and subsequent weekly jobless claims releases have demonstrated the market’s sensitivity to labor market indicators.
The 12-month average for job additions over the revision period stands at 241,000, indicating a robust labor market according to Tom Essaye, founder of Sevens Report Research. However, a downward revision of 600,000 would lower the average payroll gain to 191,000, while a revision of 1 million would result in a more moderate job growth figure.
Essaye emphasized the significance of this data release, noting that the market is particularly sensitive to soft labor market data. If the revisions turn out to be worse than expected, it could potentially impact stock prices today. Investors may need to brace themselves for potential market volatility based on the outcome of these revisions.