The Jobs Report: Not Really That Good

Ticker goes beyond the headline numbers.  He uses the household-numbers report, unadjusted, and voila!

Notice that both monthly and annualized are now headed southbound.  While annualized is still positive, it's going the wrong way -- and the monthly numbers are horrible.

How horrible?  Employed dropped by 1.446 million people!

Now to be fair this is usual for January to some degree.  But make no mistake folks -- the layoffs this January were double that of last year, when January was -737,000.  The idea that this report is "strong" is just plain crap

Not to worry.  AP will spin this.