On the surface, it was a blockbuster jobs report, certainly one which nobody expected, with the two largest US banks – JPMorgan and JPM – both expecting a below-consensus print at 150K and 165K, respectively (well we did, and we said that the jobs print “will beat” shortly before it was published)
Goldman (165K) and JPM (150k) are below the median NPF estimate of 180k.
It will beat. pic.twitter.com/v2UxP2TBky
— zerohedge (@zerohedge) June 7, 2024
Starting at the top, the BLS reported that in May the US unexpectedly added a whopping 272K payrolls, not workers since the establishment survey double-counts multiple jobs even if held by the same employee, which was 50% higher than the consensus forecast of 180K and 14K more than the highest Wall Street estimate (258K from Regions Bank). […]
— Read More: www.zerohedge.com
