February 03, 2023 16:37 GMT
No Signs Of Weather Impact In Bumper Payrolls Report
- Adverse weather impacts had been in focus prior to payrolls after ADP had linked its softer than expected 106k in private employment to California record floods and back-to-back storms delivering ice and snow to the central and eastern U.S.
- The strength in the payrolls data suggested that wasn’t the case and indeed, the number of those not at work due to bad weather in the separate household survey was only 251k.
- That non-seasonally adjusted figure is consistent with the prior 10-year January average of 273k, with the highest being 496k from Jan’18 and the lowest 176k from Jan’21, and if anything is lower than normal considering population growth over that period.