Weather & the Jobs Report

Snow: what impact on jobs report? The most important economic news this week is the January nonfarm payroll report on Friday.

Joe LaVorgna at Deutsche Bank, in a note to clients this morning, noted that "we cannot ignore the fact that weather may have adversely impacted January employment."

There was severe bad weather across much of the country during the employment survey week; LaVorgna estimates that weather effects dampened hiring by roughly 70,000 last month; his estimate of 130,000 jobs created is below consensus of 148,000.

LoVorgna also noted that in years where there was signficiant storm effects in January, the weakness in hiring proved temporary.

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