I’ll watch for Karl Denninger to take this apart.
Given the concurrent news about layoffs at UPS and a whole lot of other companies, it smells like week-old fish to me.
Yup! Here’s Denninger!
https://market-ticker.org/akcs-www?post=250632
Quote:
Uh huh.
Sure it did.
Except the unadjusted household survey showed -1.1 million, on the back of a -1.395 million last month — which was wildly out-of-character. January is usually a firing month of course due to the end of the Christmas season but any speculation that this was pulled forward a couple of weeks (thus was in the December report) got blown up by this number.
In addition while hourly wages were up some the work-week was down two tenths and thus the actual weekly check was smaller for most workers. That, I’m sure, will be “greatly appreciated” in an inflationary economy.
RTWT