Employment Situation
There is little driving trading this morning with no relevant economic data set for release today and no major headlines from the weekend. While there also is no relevant factual data scheduled tomorrow either, we will get the annual revision to the Bureau of Labor Statistics’ benchmark that could revise the payroll count significant lower over the 12 months ending in March of this year. This is an annual adjustment, but could signal the employment sector was weaker than previously thought. Some analysts feel that if the downward revision is strong enough, the Fed may opt to make a half-point rate cut at next week’s FOMC meeting instead of a quarter-point move.