Analysts Split On Jobs Report: "Reassuring" Vs. "Suspect"
After last week's market turbulence, the impact of Friday's jobs report takes on even more weight. Two analysts joined "Closing Bell" to discuss how investors may have digested the figures.
Anthony Chan, chief economist for J.P. Morgan's private client services, felt that the figures might have been "somewhat suspect": he told CNBC's Erin Burnett that the employment numbers were "tainted by weather."
He described wrenches in the statistical works, such as sick-outs and ice/snow-related absences, which shifted the equation so that fewer hours worked earned the same fixed salaries -- leading to a perception of higher wages, with no rise in real earnings. He said he'd need to see the next jobs report to really make a judgment.
Alec Young, an equity market strategist at Standard & Poor's, lauded the positive revisions that strengthened December and January stats. Amid concerns over volatility and slowing growth, he said the February jobs number, if not great, was at least "reassuring" -- though he believes that any post-meltdown optimism was "already discounted with the rally" earlier in the week.
However, Young said market observers continue to seek concrete "confirmation" of the vaunted soft landing -- and expects "more anxiety and nerves" among investors, as they await next week's inflation data.