The Jobs Report

by Patrick Appel

Leonhardt helps decode it:

If the storms indeed had a big effect if they cut even 100,000 jobs from payrolls then today’s report counts as very good news. The economy lost only 36,000 jobs last month, far fewer than forecasters expected...But that’s not the only plausible reading of the report. It’s also possible that economists vastly overestimated the snow effect. It’s even possible the snow effect was close to zero.

Chart from Calculated Risk.