Ahead of the payrolls report, we commented that with both of the two largest banks - Goldman and JPMorgan - expecting a miss, it was only logical to expect a big beat...
Goldman (165K) and JPM (150k) are below the median NPF estimate of 180k.
— zerohedge (@zerohedge) June 7, 2024
It will beat. pic.twitter.com/v2UxP2TBky
... and sure enough moments ago the BLS reported that in May, the US added a whopping 272K jobs...
... up sharply from the (downward revised of course) April print of 165K (from 175), and not only a 4-sigma beat to the 180K median estimate..
... but also above the highest Wall street estimate which was 258K courtesy of Regions Bank, and which was 14K below the actual print.
Not surprisingly historical data was - as always - revised lower: March was revised down by 5,000, from +315,000 to +310,000, and the change for April was revised down by 10,000, from +175,000 to +165,000. With these revisions, employment in March and April combined is 15,000 lower than previously reported.
developing.
