Markets are reeling after the U.S. Bureau of Labor Statistics revised job growth down by a massive 911,000 positions for the past year—the sharpest adjustment on record. The revelation underscores that the labor market has been structurally weaker than headline data suggested, raising concerns that the Fed has been making policy decisions on flawed information. Meanwhile, reciprocal tariffs are starting to filter into producer prices, with today’s PPI release set to highlight how inflation may pass through to consumers. Political turmoil in Europe and fresh geopolitical risks add to a volatile backdrop for global markets.
- Jobs data shock: BLS revises employment down by 911k, the largest drop on record.
- Inflation watch: Tariffs begin feeding into PPI; spread with CPI key for pass-through.
- Apple headlines: New iPhone Air unveiled; supply-chain shift adds costs.
- Geopolitics: Middle East and Ukraine tensions fuel safe-haven demand.
