The past two Non-Farm Payrolls (NFP) employment reports both showed exceedingly large deviations from prior consensus forecasts – but in opposite directions. May’s data, released in early June, showed a colossally disappointing 38,000 jobs added in May against prior expectations of 160,000. This was later revised even further down to a minuscule 11,000 jobs added. In sharp contrast, June’s numbers, released early last month, revealed an exceptionally positive 287,000 additional jobs versus prior expectations of 175,000. Combined with concerns over the then-upcoming Brexit vote, May’s horrendous employment data helped preclude a Fed rate ... (Read the full story)
