Financial novices are very fond of studying non-farm payroll data, making it seem as if they are investment bank moguls controlling hundreds of billions in funds. In fact, non-farm payroll data often deliberately plays tricks on the market because there is a revision value.
This time, Trump got angry and directly fired the Secretary of Labor because her downward revision of the data was too outrageous.
Why does non-farm payroll data have revisions? Because this non-farm data is not a full sample statistic; instead, it involves sending questionnaires to a limited sample of companies. However, these companies not only do not take it seriously, but a significant portion often fails to submit the questionnaires on time. This leads to incomplete data statistics for the current month, which in turn necessitates revising the previous month's non-farm payroll data the following month.
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