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28.08.26 - 15:42
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"No Longer Negative": BLS Annual Benchmark Revision Will Revise Payrolls Higher For First Time Since 2022 (ZeroHedge)
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"No Longer Negative": BLS Annual Benchmark Revision Will Revise Payrolls Higher For First Time Since 2022
On Friday at 10am ET (at the same time as Chairman Warsh's Jackson Hole remarks), the Bureau of Labor Statistics (BLS) will publish its preliminary estimate of the benchmark revision to the level of nonfarm payrolls for March 2026. The final benchmark revision will be issued and incorporated into nonfarm payrolls alongside the January 2027 employment report in February 2027.
The key source data for the benchmark revision comes from the Quarterly Census of Employment and Wages (QCEW), which is derived from state unemployment insurance records, and which is much more accurate than the BLS's own internal surveys. The March 2026 QCEW data will be released at the same time as the preliminary benchmark estimate, introducing uncertainty around the ultimate size of the revision. However, as Goldman writes in its revision preview note (available to pro subs), based on the nine months of...
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28.08.26 - 07:48
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Persian Gulf Oil Exports Recover, Centcom Says Hormuz Is Mine Free (Bloomberg)
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Goldman Sachs analysts say oil exports from the Persian Gulf have recovered to around two-thirds of pre-war levels, limiting the Iran war's impact on global crude prices. Meanwhile the top US commander for the Middle East said that American forces have cleared Iranian mines from the Strait of Hormuz, after Washington's allies expressed doubts about similar claims by President Donald Trump. Bloomberg's Abeer Abu Omar has the latest. (Source: Bloomberg)...
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