Scott Bessent says the Biden-era jobs tally will be revised
Scott Bessent now says the Biden-era jobs tally will be revised down by ~800,000 next week.
Goldman Sachs is calling for a 550k–950k cut in the BLS benchmark revision.
If it lands, the labor market narrative gets rewritten and it could swing the Fed between a 25bps trim and a 50bps shock in September.