The US non-farm payrolls were revised down by more than 800,000, which may exacerbate concerns that the Fed's rate cuts are lagging behind the situation

On Wednesday, Beijing time, the U.S. Bureau of Labor released the preliminary report of the 2024 first quarter non-farm employment and wage census (QCEW). The new data showed that US job growth was much weaker than initially reported. It is worth noting that this data was originally scheduled to be released at 22:00 Beijing time, but was postponed for unknown reasons. The U.S. Bureau of Labor Statistics said that the preliminary estimate of the annual benchmark revision showed that the total number of non-farm payrolls in the United States in March 2024 was revised down by 818,000, a downward revision of 0.5%. Previously, some institutions predicted that it would decrease by up to 1 million.
The revised data may once again raise concerns among markets and economists who believe that the labor market is deteriorating much faster than initially expected. These data may exacerbate concerns that the Federal Reserve is lagging behind the situation in terms of rate cuts. The data released on Wednesday will help influence the latest assessment of the labor market by Federal Reserve Chairman Powell, who will speak at the Federal Reserve's annual seminar in Jackson Hole, Wyoming on Friday.