Jobs
‘Too Good to Be True’ Jobs Report Draws Skeptics on Data Quirks
- Bloomberg Economics said payrolls surged on seasonal factors
- Others played that down, noting figures looked ‘pretty clean’
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Economists are scratching their heads as to whether the US labor market is truly as strong as the latest employment report indicates or if wonky adjustments are getting in the way.
Employers added 517,000 jobs in January — nearly double the prior month’s advance and above all estimates in a Bloomberg survey. The unemployment rate also unexpectedly retreated to 3.4%, the lowest since 1969, according to Labor Department data released Friday.