Massive Beat? Not So Fast – Morgan Stanley Warns 42,000 “Jobs” Bogus Due To Seasonal Quirk

Zero Hedge
Friday, January 6, 2012

Enamored with the 200,000 number? Don’t be – the reason why the market has basically yawned at this BLS data is that as Morgan Stanley’s David Greenlaw reports, 42,000 of the 200,000 is basically a seasonal quirk, which will be given back next month, meaning the true adjusted number is 158,000, essentially right on top of the expectation. From David Greenlaw: “some of the strength in this report should be discounted because of an seasonal quirk in the courier category of payrolls (Fed-ex, UPS, etc).  Jobs in this sector jumped 42,000 in December, repeating a pattern seen in 2009 and 2010 (see attached figure).  We should see a payback in next month’s report.”

 

This article was posted: Friday, January 6, 2012 at 7:20 am

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