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Saturday, June 19, 2021

Goldman Sachs explain the NFP miss

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The US nonfarm payroll report on Friday was an epic miss on estimates.

Consensus was for around an addition of a million jobss.

GS was above consensus, circa +1.3million if memory serves. 

The number (let’s get another drum roll ICYMI):

Goldman Sachs explain the miss by blaming laziness, sSaying that the labor supply appears to be tighter than the unemployment rate suggests

  • likely reflecting the impact of unusually generous unemployment benefits and lingering virus-related impediments to working.

‘Unusually generous unemployment benefits.’ I’m calling b/s on that. But, there you go.

Rock on GS:

The US nonfarm payroll report on Friday was an epic miss on estimates.

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