US employment data is "watered down", increasing pressure on the Fed to cut interest rates

PANews reported on September 9th that according to Jinshi, the US government's preliminary annual benchmark revision released on Tuesday indicates that US nonfarm payrolls for the 12 months ending in March are expected to be revised downward by 911,000, equivalent to an average monthly decline of nearly 76,000. Final data will be released early next year. Prior to this report, the government's non-seasonally adjusted employment data showed that employers added nearly 1.8 million jobs in the 12 months ending in March, an average monthly increase of 149,000. The revision from the US Bureau of Labor Statistics (BLS) suggests that the recent slowdown in the labor market follows a period of more modest job growth, potentially laying the groundwork for a series of interest rate cuts starting next week. Federal Reserve Chairman Powell recently acknowledged that risks to the job market have increased, and two of his colleagues favored lower borrowing costs in July. Traders widely expect the Fed to announce a rate cut at its next meeting.