Macro fundamentals
The idea
Inflation, labour and activity reports describe different parts of the economy. Headline figures may conceal revisions, composition changes or conflicting details. Market impact depends on what the data changes about policy and growth expectations. Use official release definitions and distinguish month-on-month from year-on-year comparisons.
A worked example
A stronger payroll headline can appear alongside downward revisions to previous months. Reading only the first number misses part of the release.
Try it yourself
Open one official release and identify its measurement period, units, revisions and next release date.
A mistake to avoid
Comparing two numbers measured over different periods as though they were equivalent.