Here we go again. Another big piece of economic data being revised in a big way.
The January jobs report caused nary a ripple in the market when it came in near expectations. But both December and November data were revised much higher. The combined revisions to those two months added 127,000 more jobs than were originally reported. (Read More: Economy Adds 157,000 Jobs; Rate Up to 7.9%.)
Good news, right? Maybe.
We want—and need—more jobs. But we also want—and need—to have confidence in government data when it is released. Big swings in official data down the road can crush that initial confidence.
Let's be clear: This is no conspiracy theory controversy. I am in no way suggesting there is any "funny" data here. Rather it is simply incomplete and perhaps not ripe for consumption at the time of picking.