“Jobs Data Nowhere As Strong As Headline” – Analysts Throw Up On Today’s Seasonal Adjustment
by Tyler Durden
ZeroHedge.com
Aug 5, 2016
According to Mitsubishi UFJ strategist John Herrmann, the “jobs headline overstates” strength of payrolls. He adds that the unadjusted data show a “middling report” that’s “nowhere as strong as the headline” and adds that private payrolls unadjusted +85k in July vs seasonally adjusted +217k. He believes that the government used a “very benign seasonal adjustment factor upon private payrolls to transform a soft private payroll gain into a strong gain.”
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