BLS Non-Farm Payrolls reports are always a huge deal, but this one is a bigger deal than most.
Why? Because today’s the day for the annual “benchmark revision” which could affect all the numbers for the last year. And there’s been this submerged expectation that last year’s numbers will be hiked fairly meaningfully, thanks to a recalibration of the size of the population.
SocGen, in a note, pointed to the below chart, showing payroll taxes nicely outpacing official jobs estimates, as estimate of a cut to the unemployment rate. Read more here on the firm’s thinking >