Second Big Jobs Surprise in a Row Is One for the Books: Chartby
Today’s jump in hiring marks the second month in a row forecasters were way too pessimistic. The median Bloomberg survey response for July’s number was 75,000 short and follows last month’s 107,000 miss. That’s the biggest combined upside surprise since 2009, when that April’s consensus estimate was 61,000 below the released number and May’s was off by 175,000. Since 1996, when Bloomberg started tracking such surprises, larger ones have only happened 11 times.