The U.S. Bureau of Labor Statistics revised nonfarm payroll figures higher for both June and July, leading markets to increase bets that the Federal Reserve could raise rates in September. June payroll growth was revised up from 20,000 to 31,000, while July was revised from a decline of 23,000 to an increase of 21,000. Taken together, the two months added 55,000 more jobs than previously reported.
The update points to a stronger labor picture than earlier estimates suggested. According to the figures cited by Odaily and attributed to CLS, the revisions changed July from a negative reading to a positive one, while June also saw a moderate upward adjustment. After the revisions, market pricing moved toward a higher probability of a September rate increase by the Fed.
The U.S. Bureau of Labor Statistics revised nonfarm payroll data higher for June and July, and markets increased bets on a Federal Reserve rate hike in September, according to Odaily, citing CLS.
June nonfarm payroll growth was revised up from 20,000 to 31,000. July payrolls were revised from a decline of 23,000 to an increase of 21,000.
Following the revisions, the combined increase in payrolls for June and July was 55,000 higher than previously reported. Markets then raised their expectations for a Fed rate increase in September.
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