Last year at this time there was some serious hand-wringing about a non-farm payrolls benchmark revision that saw 911K jobs cut from payrolls.
For the latest edition, the consensus was +183K jobs but instead, employment fell by 79K jobs for the year ending in March. That’s an average of 6.6K jobs per month lost and it’s notable that private payrolls were -178K led by retail trade.
That’s a dovish signal on where the jobs market stands but note that this is a preliminary revision, with the final number to come in January.
This article was written by Adam Button at investinglive.com.