US Bureau of Labour Statistics (BLS) was scheduled to release preliminary annual revision to payrolls data at 3:00 pm BST. However, the release was delayed and the revision was published around half an hour later. Data related to a year through March 2024, so April 2023 - March 2024 period. NFP reports during this period showed a combined 2.9 million increase in non-farm payrolls. The report was expected to show a huge downward revision in the payrolls' data, with some saying it could be as high as 1 million.
Actual downward revision amounted to 818k, which was more or less in-line with expectations, which ranged from around 600k downward revision to around 1 million downward revision. This is an around 0.5% downward revision, which is slightly bigger than usual (-0.3% to +0.3%). There was a small market reaction to the data with USD gaining slightly and US indices also ticking higher. However, scale of the move was small. Markets were much more volatile around 3:00 pm BST, when the release was expected to be released.
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US500 jumped around 0.2% after US Bureau of Labour Statistics released a downward revision to NFP data that was mostly in-line with expectations. Source: xStation5
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