Market analysis: The U.S. jobs data revision only tells the market one thing

Michael Brown, senior research strategist at Pepperstone in London, said: "To be honest, I don't think it's really going to have much of an impact on the market or the Fed's policy outlook. [The jobs data] is clearly a big downward revision, which leads you to believe that the labour market may be stagnant, or at least losing steam for longer than we previously expected, but that's all one can see from the data." The data is pretty lagged, so it won't have much impact on Fed policymakers, who are still on track to cut rates by 25 basis points next Wednesday, and it won't have much impact on the market, and swap rates have barely moved since the data came out. " If this is any indication, it is that the Bureau of Labor Statistics (BLS) does need to improve its data collection methods as soon as possible, given that this is already the second consecutive year of large baseline downgrades. However, Trump clearly has his own ideas - perhaps not entirely appropriate - about how they should do this. "