Annual benchmark revisions from the Bureau of Labor Statistics have lowered average monthly payroll growth between April 2023 to March 2024 from 242,000 to 174,000 (total count 818,000 or 68,000 per month). Sectors showing the largest downward revisions include lesiure and hosptality, manufacturing, and professional and business services, the latter accounting for 44 percent of the 818,000 increase. Note that the revisions are for not seasonally adjusted data.

Though these revisions don't affect current data, they may well lower forecasts for upcoming employment reports and are certain to raise pressure on the Federal Reserve to begin lowering interest rates. The revisions are also certain to be a hot topic at this week's Jackson Hole conference.

Global-FYI tracks critical developments fon the global markets including political news, special central bank announcements, and substantial moves in the financial markets.

Major political events and special announcements by the global central banks can shift both the short-term and long-term outlooks for the global economy and financial markets.