Employment Situation
Today’s only semi-relevant economic news came from the Bureau of Labor Statistics, who announced their annual benchmark revision for payroll numbers. They said that there were actually 911,000 fewer jobs added to the economy than previously estimated between March of this year and the same month last year. This data is quite aged now and hasn’t had much of an impact on the financial markets. That said, it should probably fuel political talk about the economy before President Trump took office and more importantly, what the Fed does at next week’s FOMC meeting. Unless there is a significant spike in this week’s inflation readings, they are likely to cut key short-term interest rates by at least a quarter-point.