Market Analysis: US employment data revisions tell the market only one thing

Michael Brown, senior research strategist at Pepperstone in London, said: "To be honest, I don't think this will really have much impact on the market or the Fed's policy outlook. (Employment data) is obviously significantly revised downwards, which makes you believe that the labor market is stagnant or at least losing momentum for longer than we previously expected, but this is all people can see from the data." "These data are quite lagging, so they will not have any impact on the Fed's policymakers, who are still expected to cut interest rates by 25 basis points next Wednesday, nor will they have any impact on the market, as the swap rates have hardly changed since the data was released." "If there is any insight to be gained from this, it is that the U.S. Bureau of Labor Statistics (BLS) does need to improve its data collection methods as soon as possible, as this is the second consecutive year of significant downward revisions to benchmark data. However, Trump clearly has his own—perhaps not entirely appropriate—ideas about how they should do this."