Noting this from UBS analysts on last Friday's US Nonfarm payroll data.
In brief:
employment report was a reminder of two key points in the pandemic data cycle:
- watch the revisions
- and downplay seasonal adjustments
Data keeps being revised stronger, and nothing is seasonally normal this year.
The conclusion of the overall employment situation is that there is nothing to stop the Federal Reserve from scaling back its bond purchases.
Bolding is mine.
Pic from US September non-farm payrolls +194K vs +500K expected
