U.S. Nonfarm Employment Benchmark Revision to Be Released

According to BlockBeats, the U.S. Bureau of Labor Statistics is set to release the annual preliminary benchmark revision of nonfarm employment figures tonight at 22:00 UTC+8. The previous benchmark was -598,000. This revision adjusts past nonfarm employment data, typically covering the previous year, to provide a more accurate reflection of employment conditions. It holds significant implications for interest rate expectations. In August, Federal Reserve Chair Jerome Powell effectively conceded to market pressures, with the market fully pricing in a rate cut by the Federal Reserve in September, attributing this to a 'weak labor market.'