Mar 05 - The weather has been to blame for weaker-than-expected jobs data- and it will get better this spring says Moody's Analytics Chief Economist, who says the key indicator he is watching is a thermometer. Bobbi Rebell reports.
Optimism about Friday's jobs report taking a hit after the ADP employment report. Fell short of forecast January also revised downward. Mark Zandi is the chief economist at Moody's analytics they put together this report he joins us from west Chester Pennsylvania nice to have you. Think you. Are so what happened in this report why was it's a week. You know I think it's the weather it's been awfully cold this winner is a very bad February in fact we had a terrible winter storm that shut down much of the southeast and East Coast during the how weak the Bureau of Labor Statistics that cadets surveyed of course that's the period over which -- DP's calculated. And I think it just is weighing on the on all economic data including the jobs data so then where does that leave us in terms of your expectations for Friday's government. Well. If we just take the eighty. 139000. Jobs of course that's private sector jobs government probably -- toxic -- 101000. So I think the best estimate for Friday's jobs numbers 130000. Jobs so on the soft side. And beyond jobs let's -- between the lines on this report ADP report to take what can extract in terms of assessing the. Overall economy. Well it's been a tough -- couple three months -- largely because of the weather but there's things going on as well you know the unemployment insurance program expired and that's. Having an impact the food stamp programs scale -- last year that's having an impact. Innocent manufacturers are probably working hard to reduce the growth inventory that's slowing activity. All these things are temporary does so I do expect as the temperatures return to normal.