Home > Finance and Economics > Summers tries to preempt potentially bad unemployment report

Summers tries to preempt potentially bad unemployment report

There’s really no other way to frame this one:

WASHINGTON, March 1 (Reuters) – 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.

Like I’ve said before, watch the average number of unemployment claims week over week for a clearer picture, and there’s a possibility that unemployment may be revised downward.  

But seriously, there’s also the chance that this could be an ugly report.  Maybe not enough to push the unemployment rate over 10%, but still ugly. 

The reality is that if they saw anything positive coming from this report, they’d say nothing at all.

[Via JWF]

About these ads
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

%d bloggers like this: