, Columnist
Might as Well Throw Jobs Data Against the Wall
Even if they’re not outright garbage, these unemployment numbers look so thin that markets are implicitly ignoring them.
Markets are smelling a problem with current joblessness data.
Photographer: Mark Kauzlarich/BloombergThis article is for subscribers only.
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The first data set piece of the new year is upon us. US payrolls data for December will be published soon after you receive this newsletter. The next round of hand-wringing will begin over whether the economy is sliding into recession, or whether it remains too strong to permit the series of interest rate cuts that many have now penciled in. Central banks the world over remain data-dependent, and very much does indeed depend on the data.