SocGen: Get Ready For The Best Jobs Report We've Seen In 6 Years

SocGen economist Brian Jones has snatched the crown for the most bullish analyst on Wall Street, at least when it comes to this Friday’s jobs report.

He predicts a 275K non-farm payroll gain, and an unemployment rate of just 8.1%.

A gain of 275K would be the best in 6 years!

The basis for his call is basically fundamental (the ongoing grind lower in jobless claims) and weather-related (the warm winter supported more hiring).

He offers up a chart comparing total continuing jobless claims as a percentage of the population (red line) vs. the unemployment rate (blue line), noting that the unemployment rate is likely to track the hard drop in the former.

chart

Photo: FRED

Actually, SocGen’s chart is a touch different, as he looks at the “augmented insured rate”, although we’re not totally sure what that means. Regardless, the gist remains the same.

chart

Regardless, Jones is calling for a monster.

That being said Jones’ call is consistent with what we said this past week, that based on auto sales, it looks like February could have been a blowout. Now we just have to wait until Friday.

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