According to BlockBeats, on August 21, the U.S. Department of Labor's Bureau of Labor Statistics (BLS) will release the Quarterly Census of Employment and Wages (QCEW) data for the first quarter of this year. Wall Street institutions generally expect a downward revision in employment figures for the year ending in March, though the extent of the revision varies among different analysts.
Economists from Goldman Sachs and Wells Fargo predict that the BLS will revise the non-farm employment growth figures down by at least 600,000 jobs for the year ending in March, which translates to a reduction of approximately 50,000 jobs per month. JPMorgan's analysts estimate a downward revision of around 360,000 jobs, while Goldman Sachs suggests that the revision could be as high as 1 million jobs. If the employment figures are revised down by more than 501,000 jobs, it would mark the largest downward adjustment in 15 years.
