The US employment data "squeezes water" and increases pressure on the Fed to cut interest rates.

According to the annual benchmark revisions preliminary results released by the U.S. government on Tuesday, the non-farm employment in the United States is expected to be revised down by 911,000 people in the 12 months leading up to March of this year, equivalent to an average decrease of nearly 76,000 people per month. The final data will be released in early next year. Prior to this report, the government's non-seasonally adjusted employment data showed that employers added nearly 1.8 million jobs in the 12 months leading up to March, an average increase of 149,000 per month. The recent adjustment by the U.S. Bureau of Labor Statistics indicates that the recent slowdown in the labor market comes after a period of more moderate job growth, which may lay the foundation for a series of interest rate cuts starting next week. Federal Reserve Chairman Powell recently acknowledged that risks to the labor market have increased, and his two colleagues are leaning towards lowering borrowing costs in July. Traders generally expect the Fed to announce a rate cut at the next meeting.