Article of the Week form UPFINA
The May BLS report is expected to be redemption for the April report which dramatically missed estimates. Based on initial claims, we believe job creation will be much higher in May. We are very curious if April’s reading is revised higher. Usually when a report misses estimates sharply, it’s revised higher, making the initial reaction look foolhardy. This time we didn’t need to wait a month for the market to reverse its initial reaction. It occurred gradually over one day.
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