The 8 Ugly Numbers From The Jobs Report

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Photo: Travel + Leisure/Dariusz Czumaj

A very concise look at the bad data from Nomura’s Aichi Amemiya.• Headline payrolls 120k (vs consensus +205k)

• Private payrolls 121k (vs consensus +215k)

• Temporary help services -8k

• Construction payrolls -7k (possible continued payback from two strong months fuelled by good weather in Dec and Jan)

• Retail payrolls -34k following -29k in the previous month

• Household employment -31k

• Participation rate declined to 63.8% from 63.9%

• Average weekly hours were down to 34.5 from 34.6

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