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CNBC had someone on who said that Larry Summers apparently was going out of his way to say that Friday's jobless numbers could be HUGELY distorted because of all the bad weather. I mentioned this last week when there was an adjustment down in jobless claims because they said the initial number was too low because claims couldn't be processed due to snow.
Summers is saying the amount of claims could be MUCH higher because of weather leading to mass filings in construction. Summers said it could be distored by 100-to 200,000 based on past storms impacts on it.
Note the 2 are separate, last week they said jobless claims were delayed in processing because of storms, Summers is saying there will be substantially more filings because construction workers who can't work due to weather will be filing jobless claims.
Summers is trying to head off a disastrous Wall Street reaction to the numbers on Friday.
Summers is saying the amount of claims could be MUCH higher because of weather leading to mass filings in construction. Summers said it could be distored by 100-to 200,000 based on past storms impacts on it.
Note the 2 are separate, last week they said jobless claims were delayed in processing because of storms, Summers is saying there will be substantially more filings because construction workers who can't work due to weather will be filing jobless claims.
Summers is trying to head off a disastrous Wall Street reaction to the numbers on Friday.