US Job Market: Cloudy With A Chance of Expletive

The December 2013 jobs report was about like the December 2013 weather. It was cloudy with a chance of Expletive. Depending on whose estimate you trust more, the models missed reality by 113 to 151 thousand. I’ll credit the BLS with not hiding the decline and admitting this one was a stinker. Contrary to expert opinion, I think it would have been a stinker regardless of what fell out of the sky. If the current set of conditions indicates recovery, God preserve me from an economic relapse. I’ll detail my reasoning below.

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