And speaking of previous prints, the March number was unexpectedly revised sharply lower, from a consensus-beating 236K (exp. was 230K) to a huge miss at 165K, a number which surely would have impacted the Fed’s thinking and potentially put a premature end to the rate hikes. But wait there’s more, because February was also revised lower by 78K, from +326,000 to +248,000, which would also have missed the whisper estimate. With these revisions, employment in February and March combined is 149,000 lower than previously reported. And then there was a downward revision in January too… Combined, this is how the downward revision looked below:And just like that, we get confirmation that every BLS number is only gamed to beat the current month consensus estimate so that Biden’s admin can take props for handling the labor market “:better than expected.”
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