Lots of noise and rebalancing in the January report, as always, but the headline headline came in weaker than expected at 157k nonfarm payrolls (private payrolls: 166k). Unemployment ticked up from 7.8% to 7.9% (vs. expectations of 7.7%).
Naturally, futures extended their gains in response to the news, perhaps because it means the Fed's 6.5% jobless target has slipped even further over the horizon, allowing unprecedented accommodation to continue unabated forever and ever.
The change in total nonfarm payroll employment for November was revised from +161,000 to +247,000, and the change for December was revised from +155,000 to +196,000.
Those are healthy revisions, but the perverse result is that we're left with a fairly frightening 3-month decelerating trend (247k, 196k, 157k).
Handcrafted by Flip on February 1, 2013 |
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