The Phoenix Open is upon us, folks!
February 02, 2024
Teeing off with the latest job reports feels a bit like trying to hit a hole-in-one blindfolded, with the crowd at sixteen screaming in your earhole! The Bureau of Labor Statistics (BLS) came out swinging with news of 353,000 jobs created in January, a figure that left expectations in the sand trap and boos aplenty from the crowd. But hold your sand wedge with confidence because, it turns out, the BLS might be playing a round of “adjustment golf” with those numbers. Stay tuned…
January, you see, is like the trickiest dogleg on the course. The raw job figure looked more like a slice into the rough with 2.635 million jobs lost, but a clever bit of adjustment magic turned it into a sunny day on the green, reporting a net gain of 353,000 jobs. It’s like turning a bogey into an Albatross with some statistical sleight of hand!
Don’t let those rosy numbers fool you – it’s only for politics, anyway! Average hourly earnings decided to take a swing at expectations, rising 0.6% and leaving economists scratching their heads like they just lost their ball in the water on the 17th. That ever-so-tempting short par four down the stretch. You know the one. It’s a Caddyshack of errors, as the average weekly hours worked took a dive, falling to their lowest level since 2010, while average weekly earnings barely managed to keep par.
If you thought that was the end of the fun, think again! The Household
Survey decided to join the party with a surprise twist, showing 31,000 job
losses despite the headline-grabbing job creation numbers. It’s like
discovering your caddy’s secretly replaced your clubs with pool noodles.
But fear not, because the Fed’s got their own game plan. With rates staying put and assurances that they’ve reached their peak, it’s like they’re trying to navigate the course with only a driver in hand, hoping they don’t end up out of bounds.
So, as we navigate the ups and downs of the job market and economic forecasts, remember to keep your swing steady and your wristband secure. After all, in the game of economic statistics, sometimes you just have to laugh to keep from crying into your scorecard.
My money is on Scheffler for the 3-peat!