Goldman Sachs - NFP huge miss reduces the chance of a 2021 Federal Reserve taper
The US nonfarm payroll report on Friday was a monumental miss on estimates.
Consensus was for around an addition of a million jobs.
You'll recall that GS was above consensus, circa +1.3million if memory serves.
The headline number was much, much lower:
More from GS now, this time on what it means for the Fed:
- job gains and declines in the unemployment rate are likely to be less front-loaded than we had previously thought
- reduce the odds of the taper getting underway by 2021Q4
- We continue to expect the FOMC to start tapering early next year
Maybe this leads to a chilling of the expectations for Powell to signal a taper at Jackson Hole. We'll have to find something else to worry about for the next tree and half months :-D
Keep an eye on the dots I guess ....