The Postal Square Building in Washington, D.C. which houses the Bureau of Labor Statistics. Photo by AgnosticPreachersKid from Wikipedia.
Key Takeaways
- Goldman Sachs warns the upcoming BLS job report might exaggerate economic downturns.
- The report’s revision could show a monthly job growth decrease, potentially misleading stakeholders.
Share this article
The upcoming US jobs data may present a somewhat misleading picture, analysts from several financial firms warn. Financial markets, including crypto, brace for potential volatility as the US Bureau of Labor Statistics (BLS) prepares to release its preliminary estimate Wednesday, with data based on benchmark revisions to monthly nonfarm payrolls.
With this potentially wild Wednesday in the markets coming, we’ve prepared some notes on what’s about to happen. Here’s a breakdown of five key things crypto investors should know about this data release from the BLS and how it might impact crypto markets.
1. Potential downward revision of job growth
The BLS report, covering April 2023 to March 2024, is expected to paint a grimmer picture of the US economy than previously thought, with slowed job growth numbers looming. However, leading investment banks caution that the data could be misleading and overstate economic weakness.
2. Misleading data warnings
Goldman Sachs cautions that the downward revision could be misleading. The bank’s Economics Research team stated:
“While next week’s revision could revise the pace down to 165-200k/month, we…
Click Here to Read the Full Original Article at Markets Archives – Crypto Briefing…
