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Not The Payrolls You're Looking For
Not The Payrolls You're Looking For
In an attempt to not force another "Warsh" or "Jackson Hole" headline (because it's a coin flip as to whether it will matter), the calendar offers up another event that is almost guaranteed not to matter. Despite the familiar name, today's nonfarm payrolls data is not the NFP you're looking for (that NFP will be out next Friday). Rather, this is the preliminary annual benchmark revision which can make for big changes in the job count over the previous year, but which says nothing about the current state of the labor market. It's a statistical adjustment that is often blown WAY out of proportion by market watchers or politicians with axes to grind.
Fairly Calm Despite Some Fuel Price Pressure
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Aug 28 | |||||
| 9:45AM | Aug Chicago PMI | Aug | 47.1 | 58.3 | 57.6 |
| 10:00AM | Aug Consumer Sentiment (ip) | Aug | 51.7 | 51.0 | 55.2 |
| 10:00AM | Aug Sentiment: 1y Inflation (%) | Aug | 4% | 4.3% | 4.2% |
| 10:00AM | Aug U Mich conditions | Aug | 51.9 | 51.8 | 54.8 |
| 10:00AM | Aug Sentiment: 5y Inflation (%) | Aug | 3.3% | 3.3% | 3.3% |
| 10:00AM | Non Farm Payrolls Annual Revision (k) | -79K | -911K | ||
| 10:00AM | Fed Chair Warsh Speech | ||||
| 10:07AM | Federal Reserve Chairman Kevin Warsh delivers remarks from Jackson Hole | ||||
| 12:30PM | Fed Goolsbee Speech | ||||
| 8:00PM | Jackson Hole Symposium | ||||
| Monday, Aug 31 | |||||
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