Goldman Sachs: The U.S. employment report on Wednesday may exaggerate the extent of economic weakness

2024-08-21 16:42:44

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ChainCatcher news, according to Coindesk, the U.S. Bureau of Labor Statistics will release the preliminary estimate of the benchmark revision for non-farm employment data from April 2023 to March 2024 on Wednesday. Morgan Stanley expects the employment figures may be revised down by 600,000, with a monthly decrease of 50,000. However, Goldman Sachs believes this downward revision may exaggerate the extent of economic weakness.

Goldman Sachs' economic research team stated that while the revision may lower monthly job growth from 250,000 to 165,000-200,000, the "real" growth could be closer to 200,000-240,000. They noted that the data does not include contributions to job growth from illegal immigrants. This data release may trigger market volatility, and Goldman Sachs advises Bitcoin shorts to remain cautious.

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