David Stockman ferrets out this factoid about the December jobs report released Friday morning: Here's a newsflash that CNBC didn't mention. According to the BLS, the US economy generated a miniscule 11,000 jobs in the month of December.
But on the apparent theory that December is colder than November, and notwithstanding that almost nobody works outside anymore, the BLS fiction writers added 281,000 to their headline number to cover the "seasonal adjustment."
Of course, this December was much warmer, not colder, than average. Likewise, Christmas season bricks and mortar retail is in turmoil and in secular decline due to Amazon and its e-commerce ilk; export based sectors have been thrown for a loop in the last few months by a surging dollar; and construction activity has been so weak in this cycle—-and for the good reason that both commercial and residential stock is vastly overbuilt owing to two decades of cheap credit——that its not remotely comparable to historic patterns.
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06:56
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Posted in: Wall Street Trading
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