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Friday, February 3rd, will be the first Employment Situation Report issued under President Trump, who has been a vocal critic of...well...everything without his name on it.
Things to look out for:
I am really curious about what the various reactions will be.
Things to look out for:
- The night before release, the BLS Commissioner can provide a pre-release copy of the Report to the Chairman of the Council of Economic Advisers to give to the President. There is no Chairman, and BLS might be reluctant to give embargoed material to Trump as it would have major effects on the stock market and the economy if he leaked any of it. Note that this is not a new issue...I know that BLS has had to make sure that previous Presidents didn't divulge information early.
- As happens for every January, the Population Controls have been changed. This means that the population number and therefore all other labor force statistics are subject to change independent of the survey responses. So there could be some odd changes from December to January.
- For the other major survey, the Current Employment Survey (jobs gained/lost) the benchmark revisions will be implemented which means every jobs number for the last 2 years will be revised. The early estimate, from September 2016, showed that the March 2016 employment level estimate was 150,000 too high (that's 0.1% and is very good) But most people don't understand and it will look bad.
- ADP estimates a gain of 246,000 nonfarm private sector jobs. So it is likely that the BLS number will be similarly high.
I am really curious about what the various reactions will be.