Analysis: U.S. jobs data revision won't have much impact on markets or Fed policy outlook

Michael Brown, senior research strategist at Pepperstone in London, said: "To be honest, I don't think this will really have much impact on the market or the Fed's policy outlook. (The employment data) was obviously a significant downward revision, which makes you believe that the labor market may be stagnant, or at least losing momentum for longer than we previously expected, but this is all people can see from the data." "The data is quite lagged, so it will not have much impact on Fed policymakers, who are still expected to cut interest rates by 25 basis points next Wednesday, or on the market, as swap rates have hardly changed since the data was released." "If this tells us anything, it is that the US Bureau of Labor Statistics (BLS) really needs to improve its data collection methods as soon as possible, as this is the second year in a row that has seen large benchmark data revisions. However, Trump obviously has his own ideas - which may not be entirely appropriate - about how they should do this." (Jinshi)