With the HFT brigade selling then buying, and trying to goalseek an explanation of why this happened after the fact, one key aspect of today’s release that was ignored is that the BLS just revised its Establishment Survey data, in the process changing all historical job numbers. To wit: “Establishment survey data have been revised as a result of the annual benchmarking process and the updating of seasonal adjustment factors. Also, household survey data for January 2014 reflect updated population estimates.” As a result of this revision, while the monthly changes were not that dramatic, what happened is that the “stock” level of jobs as reflected in the Establishment Survey rose by half a million as of December 31, from 136,877 to 137,386. And so all key historic data – from GDP in early 2013 to jobs – has now been revised to reflect a more rosy economy, and instill consumers with even more confidence in hopes they will spend, spend, spend.
A table summary of the change: before and after – click HERE to get it