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Are You Confident in Initial Jobless Claims?

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  • Description

    FBN's Peter Barnes on how revisions in jobs numbers are raising reliability questions.

  • Duration 1:54
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This transcript is automatically generated

This has always -- thank you so much.

Thinking of job -- weekly jobless claims did fall by 27000.

The most recent week -- came in below expectations.

One of our questions -- is going to be is this a number we can believe Peter Barnes is -- with this with more on the number -- Peter.

Well I think -- got a one of the nation's top economist John Silvia of Wells Fargo he is not as confident in these numbers anymore.

First time weekly unemployment claims claims coming in at 365000.

The first drop in a month so that's good.

M below expectations of 380000.

Or so but once again the number for the prior week was revised up -- by 4000.

Claims this time.

There have been upward revisions now sixty of the last 61 weeks.

The revisions create a lot of volatility in terms of estimating as it does for us.

And it creates a lot of uncertainty -- not a lot of reliability and where this number is.

John says the revisions come from the Labor Department having a harder time factoring in -- change is the impact of holidays like Easter and more difficult seasonal adjustments they -- -- What about the jobs report tomorrow what is John they -- does he -- that number.

Well he is looking for about a 170000.

New jobs tomorrow and he gets to that because he notes that those monthly jobs reports have been very volatile lately as well we -- about 200000 or so jobs a month in December January February probably helped by warmer weather than we got that unexpected drop to a 140000.

Last month.

So John.

He's splitting the difference ahead 170000.

He thinks that will be about the true pace of job creation in the months to come in the months ahead -- interest to Peter thank you very much for to have -- Neil Cavuto in not twenty minutes or so when he makes his daily appearance provided he still.

If you shouldn't being part of the show just repulsed by -- yesterday for day three.

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