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Re-Point of Origin: The 2025 Preliminary Benchmark to US Payrolls
From wellsfargo.bluematrix.com
Concerns about the labor market have been fanned by July's eye-catching downward revisions to payrolls. Those concerns are unlikely to be eased by the first look at the 2025 benchmark revision to employment, which we expect will show job growth was already flying at a lower altitude. On September 9, the BLS will release its preliminary benchmark revision of the non-seasonally adjusted level of payrolls for March 2025. Based on the Quarterly Census of Employment and Wage (QCEW) data available through the end of 2024, a preliminary revision of -475K to -790K jobs strikes us as reasonable, which would rival last year's ... (full story)
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