Wall Street forecasts that U.S. job growth will be revised down, which may prompt the Fed to cut interest rates more sharply in September

Wall Street is predicting that job growth will be revised down significantly. Estimates range from 600,000 jobs down to a record 1 million. Assuming Wall Street is right, this conclusion would suggest that the labor market is not as strong as it appears, and that it is cooling much faster than thought. Economists say that if the downward revision of the data is large enough, it could prompt the Federal Reserve to make a larger interest rate cut in September than Wall Street currently expects, and could also lead to faster interest rate cuts in the coming months. (Jinshi)