Friday, March 6, 2015

NEW DEAL DEMONCRAT SAYS: does anyone actually fucking READ the jobs report?


New Deal Demoncrat - drilling down past the headline numbers. He points out:

Average Weekly Earnings for Production and Nonsupervisory Personnel: unchanged at $20.80, up 1.6%YoY. (Note: you may be reading elsewhere that wages went up. They are citing average wages for all private jobs. I use wages for nonsupervisory personnel, to come closer to the situation for ordinary workers.)

And a 1.6% yoy from last February, whose weather sucked more than this year's remember, with zero gains from January, means that wage inflation still isn't an issue, which means no there's not going to be a Fed rate hike in June.

And,

The more leading numbers in the report tell us about where the economy is likely to be a few months from now. These were mixed with a downside bias, basically taking back their gains in January.

So as noted Q1 GDP still is expected to suck when it comes out.

But you white-ass honky hedge fund clowns go ahead and keep your algos programmed to trade on the headline number. It's not going to hurt you, you still get your 2% & 20%.


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