U.S. employment data may be significantly revised down, increasing expectations for interest rate cuts

ChainCatcher news, according to Jin Shi reports, economists from Wells Fargo, LinkedIn, and Pantheon Macroeconomics expect that the non-farm annual benchmark revision data to be released by the U.S. Bureau of Labor Statistics on Tuesday will show that employment in March was nearly 800,000 less than currently estimated, averaging about 67,000 fewer jobs per month. Nomura Securities, Bank of America, and Royal Bank of Canada stated that the downward revision could be close to 1 million. A significant downward revision in the data would indicate a weakening of last year's labor market momentum, reinforcing market expectations for a rate cut by the Federal Reserve.