The US employment data may be revised down by 1 million. Does this mean that the data for the past year are all wrong? The Fed is going to panic!

Tomorrow at 22:00 on the evening of August 21, the US Bureau of Labor Statistics will release the preliminary report of the non-farm employment and wage census for the first quarter of 2024. Major investment banks and institutions have warned that the employment data may be significantly revised down. Does this mean that the strong employment data that the Fed relied on before may be false?

The data involves the performance of the labor market from April 2023 to March 2024.

Goldman Sachs research report said that this revision may cause the non-farm employment data to be revised down by 600,000 to 1 million.

The Bloomberg Economic Research Team pointed out that it may be revised down by 800,000, and the non-farm population in April and July this year is likely to be revised to near zero in the future!

This means that the US employment data that exceeded expectations in the past year was wrong, and the US job market situation was much worse than the government announced. This will once again verify that the US economy has begun to decline, and the Fed will have to enter a rate cut cycle at that time!