Yesterday, a massive US power grid failure was seen across the entire United States in one simultaneous fashion. Many have speculated about a cyber attack (or blamed it on the Russians), but it is more likely a Space Weather Event.
While Wall Street expects 180,00 jobs to be added in March, resulting in an unemployment rate of 4.7%, the "whisper" is for a downward surprise due to unseasonably cold March weather, including, winter storm Stella. Here is a full preview of what to expect tomorrow.
It should go without saying that scientific research is a vital part of civilized society, allowing for technological breakthroughs that dramatically increase the quality of life for mankind as a whole. It is precisely because of its great importance that it should not be politicized by being influenced by politicians and government bureaucrats.
If wages disappoint for the second month in a row, then markets may begin to ease back their hiking expectations for the rest of the year. For markets to price out a rate hike in March, wage growth would probably need to slow markedly and the headline NFP number to fall well below 100K.
Dr John Bates' disclosures about the manipulation of data behind the so-called 'Pausebuster' paper is the biggest scientific scandal since 'Climategate' in 2009 when, as Britain's Daily Mail reported, thousands of leaked emails revealed scientists were trying to block access to data, and using a 'trick' to conceal embarrassing flaws in their claims about global warming.
Despite ADP's blowout print this week, consensus January payrolls is 175k (somewhat below the 6- and 12-month averages), but Goldman Sachs expects a higher 200k print thanks to a combination of lower-than-usual year-end layoffs, favorable weather effects, and further improvement in labor market indicators.
The Winter of 2015-2016, which came to an end a few weeks ago, has been officially designated as the mildest in the U.S. in 121 years according to NOAA. While this fact will certainly add a major talking point in the global warming debate, it should also be front and center in the current economic discussion. The fact that it isn’t is testament to the blatantly self-serving manner in which economic cheerleaders blame the weather when it’s convenient, but ignore it when it’s not.
The upcoming winter storm hyperbole factor just went up a notch, this time courtesy the Weather Undereground's Bob Henson, who has decided that merely "historic" is too cut and dry, and has instead dubbed the imminent climatic phenomenon not only "potentially epic" but a "winter blockbuster" to boot.