🚨BLS reports job market is in fantastic shape but consumers think the opposite
Data is skewed again by seasonal adjustments and low quality of jobs
The Bureau of Labor Statistics (BLS) estimates the US economy created 256,000 jobs in December, according to a job report released Friday, January 10. This was way above Wall Street’s expectations of 160,000. The unemployment rate fell slightly to 4.1%, below forecasts of 4.2%.
Notably, the jobless rate is still above its 36-month moving average meaning the uptrend remain intact.
After the report, euphoria took over Wall Street and mainstream media. The devil, however, as always is in details.
In the following sections, we dig into the details of the job report as usual and explain the real picture of the labor market. Below you can find the previous analyses.
A FUNKY SEASONAL ADJUSTMENT INFLATED THE JOB’S NUMBER