BLS Jobs reported 177,000 jobs created in April expectation was 130,000, but March and February revies down over 58,000. Aprils report will have the same revision next month.

The market understands this and is why the stock and bond markets did not reacted as you might expect.

Sample Survey: The Bureau of Labor Statistics (BLS) uses a sample survey to estimate job growth, which means the initial numbers are based on a subset of businesses and may not perfectly reflect the entire economy. 

Incomplete Reporting:The initial report relies on data from businesses that respond quickly, but some businesses may not report in time for the initial release. 

Annual Benchmark Revisions:Once a year, the BLS revises the monthly data to align with more comprehensive administrative data from Unemployment Insurance programs, which provides a more complete picture of employment. 

Revised Estimates:When businesses not initially included in the sample provide data, the initial estimate may be adjusted downward if the change in employment for those businesses is different from what was initially reported. 

Bottom line: take it with a grain of salt. Rates remain persistently in the 6% range on average. While that marks progress compared to last year—when rates were in the 7% range—it’s simply not improving as quickly as we’d like.

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