{"id":2529,"date":"2008-02-01T16:42:18","date_gmt":"2008-02-01T16:42:18","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=2529"},"modified":"2025-03-27T15:48:35","modified_gmt":"2025-03-27T15:48:35","slug":"us-data-still-consistent-with-flat-economy","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=2529","title":{"rendered":"US data still consistent with flat economy"},"content":{"rendered":"<p><strong>NEWS ALERT: Nonfarm Payrolls Sank 17,000 in January, First Drop in Four Years <\/strong><\/p>\n<p>Actually, August was originally reported as a 4,000 drop but has since been revised to show a 74,000 gain. <\/p>\n<p>Similarly, private payrolls were originally reported to have declined by 13,000 in December but are now estimated to have risen by 54,000. <\/p>\n<p>So is the fall for real this time? Perhaps but another upward revision should not be ruled out. Weak withholding tax receipts and a surge in jobless claims in the latest week are concerning but both the household and ADP survey employment measures registered&nbsp;solid gains in January. The household measure has diverged significantly from non-farm payrolls recently &ndash; see chart. <\/p>\n<p>On balance, I still think recent data are consistent with a flat rather than contracting economy. <\/p>\n<p><span class=\"full-image-float-none\"><img decoding=\"async\" style=\"width: 500px; height: 300px\" alt=\"USNonFarmPayrolls.jpg\" src=\"\/storage\/USNonFarmPayrolls.jpg\" \/><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEWS ALERT: Nonfarm Payrolls Sank 17,000 in January, First Drop in Four Years Actually, August was originally reported as a 4,000 drop but has since been revised to show a 74,000 gain. Similarly, private payrolls were originally reported to have declined by 13,000 in December but are now estimated to have risen by 54,000. So [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2529","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2529"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2529\/revisions"}],"predecessor-version":[{"id":4838,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2529\/revisions\/4838"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}