The Bureau of Labor Statistics (BLS) reported that 139,000 jobs were created in May, above the 125,000 expected.
However, the challenge with these reports is that they are consistently revised downward after the initial release.
- March was revised down by 65,000, bringing the total to 120,000.
- April was revised down by 30,000 to 147,000.
Despite the pattern, the initial headlines do the damage, while the quieter revisions often go unnoticed — or perhaps bond traders just have short memories.
Let’s dig into the details for a moment.
The Quarterly Census of Employment and Wages (QCEW) for Q1 revealed that the Bureau of Labor Statistics (BLS) overstated job growth by 500,000 jobs.
Yes — half a million jobs. Let that sink in.
This raises real questions about the accuracy of headline employment numbers and their impact on markets.
Bond market did not like this report but rates are holding onto gains this last week. http://www.YourApplicationOnline.com
The top photo captures my wife’s shoes catching the morning sun — a quiet, golden moment.
Have a fantastic weekend!
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