US employment data "squeezes out excess", increasing pressure on the Fed to cut interest rates.

On September 9, according to the preliminary results of the annual Benchmark revision released by the U.S. government on Tuesday, non-farm payrolls in the U.S. are expected to be revised down by 911,000 for the 12 months ending in March this year, which is equivalent to an average monthly drop of nearly 76,000. The final data will be published early next year. Prior to this report, the government's non-seasonally adjusted employment data indicated that employers added nearly 1.8 million jobs over the 12 months ending in March, with an average monthly increase of 149,000. The adjustment by the U.S. Bureau of Labor Statistics (BLS) suggests that the recent slowdown in the labor market occurred after a period of more moderate employment growth, which may lay the groundwork for a series of rate cuts starting next week. Fed Chairman Powell recently acknowledged that the risks facing the job market have increased, and his two colleagues leaned toward lowering borrowing costs in July. Traders generally expect the Fed to announce a rate cut at the next meeting. (Jin10)