US employment data may be significantly revised downward, strengthening expectations of interest rate cuts

According to ChainCatcher, citing Golden Ten Data, economists from Wells Fargo, Lianxin Company, and Pantheon Macroeconomics expect that the annual benchmark revision data for nonfarm payrolls released by the U.S. Bureau of Labor Statistics on Tuesday will show that the number of employed people in March is nearly 800,000 less than currently estimated, averaging about 67,000 fewer per month. Nomura Securities, Bank of America, and Royal Bank of Canada, however, indicate that the number of downwardly revised jobs may be close to 1 million. A significant downward revision in the data would indicate a weakening of last year's labor market momentum and reinforce market expectations for a Federal Reserve rate cut.