This page has been archived and commenting is disabled.

Today's Economic Data Highlights

Tyler Durden's picture




 

It’s all about jobs today…
 
8:30: Employment report for Jan…weather versus the fundamentals.  Estimating the change in payrolls in January is an exercise in weighing the positive trend in fundamental factors against the depressing effects of unusually cold and snowy weather.  Goldman has an original estimate of +175k predicated on the view that the weather effects would not be large, but further analysis helped by classification of the storm that passed through during the survey reference week as a major storm suggests the potential for a larger effect.  At the same time, the labor market data themselves, including claims, ISM employment indexes, and online help-wanted indexes, suggest further improvement.  Goldman decided, on balance, that these trends were offsetting, but there is clearly a lot of uncertainty surrounding this number.  To aggravate the situation, this report will incorporate a benchmark revision to the March 2010 level of payrolls that the Labor Department estimated last fall at -366k; this often has the effect of reducing estimated net changes in the months following the benchmark.
 
Meanwhile, the unemployment rate has its own statistical issues, as about half of the 0.4-point drop reported last month reflected another decline in the labor force.  We and others look for a partial reversal in this report.
 
Finally, we expect average hourly earnings to remain subdued. 

On total payrolls, median forecast (of 85): +146k, ranging from -50k to +230k; last +103k, GS: +175k;
On unemployment, median forecast (of 81): 9.5%, ranging from 9.2% to 9.6%; last 9.4%, GS 9.5%;
median forecast (of 52): +0.2%, ranging from +0.1% to +0.3%; last: +0.1%, GS +0.1%;

Per GS

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 02/04/2011 - 08:31 | 934156 Oh regional Indian
Oh regional Indian's picture

Eyeeeeee iiiiiiii have become, comfortably NUMBer!

Anyone aware of the fact that this mega-storm you just had in the US brought all kinds of GOM goop on-land? Not good at all.

ORI

http://aadivaahan.wordpress.com/2011/01/21/accidental-lives/

Fri, 02/04/2011 - 08:36 | 934158 uhb
uhb's picture

"...about half of the 0.4-point drop reported last month reflected another decline in the labor force. " How very convenient, har har har. Maybe the fact that roughly 15% of the US ppl are on food stamps is a better employment indicator.

Fri, 02/04/2011 - 08:49 | 934178 Racer
Racer's picture

'Markets' aka banksters waiting to fleece more traders who offer their money on a plate on numbers that have little bearing on reality

Fri, 02/04/2011 - 11:49 | 934861 Grand Supercycle
Grand Supercycle's picture

As mentioned numerous times, EURO downside and USD upside will keep recurring.

Please be careful as it should affect some commodity prices.

http://stockmarket618.wordpress.com

Do NOT follow this link or you will be banned from the site!