The 10 am ET release of the US Bureau of Labor Statistics annual benchmark revision for its monthly employment report is top of mind. The benchmark revision covers the most sensitive of the BLS employment statistics, the establishment survey of businesses, dating back to March. The new counts are derived from state employment insurance forms that most employers file.

Investors widely expect another large subtraction in the number of people on payrolls as of March. Econoday does not have a market consensus but figures ranging from 700,000 to 1 million are being tossed around in markets. Whatever the BLS comes up with will be incorporated into the official payroll estimates with the January employment situation release in February 2026.

Please note that the annual benchmark revision is part of the BLS standard operating procedure, based on best practices for objective collection and reporting on the employment situation. Don't be surprised if President Trump and his team seize on the expected downward revision to continue making the case, without evidence, that BLS manipulates the employment data to make his administration look bad.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.