Everyone is excited about the new employment numbers and the increase of 243,000 non-farm payroll jobs in January. Does that mean that there are 243,000 more jobs now? Not actually. Joyn Crudele at the NY Post explains:
Those 243,000 jobs are the total after seasonal adjustments.Did you catch that? Because the Labor Dept. expected a loss of nearly 3 million jobs but only 2.7 million jobs were lost, it reports a job gain. Now, "seasonal adjustments" are, in principle, a good thing. When you allow for how the running "seasonal adjustments" have never been very accurate, the adjusted number has little meaning.
The question you should be asking is, what’s the un-tampered-with number before the adjustment?
Glad you asked. The Labor Department reported a loss of 2,689,000 jobs in January.