Fed confronts up to a million US jobs vanishing in revision
(Bloomberg) — US job growth in the year through March was likely far less robust than initially estimated, which risks fueling concerns that the Federal Reserve is falling further behind the curve to lower interest rates.
Goldman Sachs Group Inc. and Wells Fargo & Co. economists expect the government’s preliminary benchmark revisions on Wednesday to show payrolls growth in the year through March was at least 600,000 weaker than currently estimated — about 50,000 a month.
While JPMorgan Chase & Co. forecasters see a decline of about 360,000, Goldman Sachs indicates it could be as large as a million.
A 500,000 revision would wipe out 1/4 of the year's reported employment.
A 1,000,000 revision wipes out a half of all reported job gains.
The figure will be reported tomorrow.
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