“Unexpectedly” Bad Employment Statistics
The Employment Situation statistics are due out later this week. They will be bad. I know this, because Larry Summers is already spinning them.
White House economic adviser Larry Summers said on Monday winter blizzards were likely to distort U.S. February jobless figures, which are due to be released on Friday.
“The blizzards that affected much of the country during the last month are likely to distort the statistics. So it’s going to be very important … to look past whatever the next figures are to gauge the underlying trends,” Summers said in an interview with CNBC, according to a transcript.
So, please, when you see the numbers of Friday, be sure you don’t assume that they have any policy implications. It’s all about the weather, you see.