Jobs Report Sparks Market Frenzy, But Does It Really Matter?

Jobs Report Sparks Market Frenzy, But Does It Really Matter? The market went wild following the release of September’s jobs report. Do these numbers actually matter, especially considering they were collected before the government shutdown.

Tony Katz:  

So, the jobs numbers came out, and the market went nuts. There was a moment where the market was over six hundred. I do not know where it’s going to end today. It could end over one thousand, it could end down. Listen, I have no crystal ball. What I know is these jobs numbers are from September. And you’re like, Tony, it’s November. Well, there was a shutdown, which makes one wonder do these job numbers mean anything at all?

And is that what’s moving the market? Dr Matt Will joins me right now, economist at the University of Indianapolis. I sent this to you. Actually, I didn’t even get a chance to send this to you. You immediately are sending me a text and you’re like, “yeah, this ain’t this nothing, Tony, this is not even a thing.” You’ve seen the job’s numbers, right? You took a look at what it is that happened, adding one hundred and nineteen thousand jobs in September. That’s well over the estimate. But your argument is, “Tony, it does doesn’t mean anything.” Talk to me about the job’s numbers and what you’re seeing.

Dr Matt Will

Well, the reason it’s meaningless is because there’s lots of weeks missing. The government shutdown occurred, so we have all this data that’s not even reported, so there may have been negative weeks in there that we don’t even know about that could have pulled that one hundred and nineteen thousand down. So, it’s unreliable. Plus, it’s old, it’s September, the market has moved on. We’ve got other sources of information, so the market really doesn’t care about this. And because of the government shutdown, what’s interesting is we’re not going to have a report for the October data. There’s not even going to be another report until December on the November data, and then that report will come out after the FED meeting. So, it’s a very convoluted thing. But even inside the report, there’s some good news and there’s some bad news. Unreliable on both sides, but it’s a mixture of news in this report. So, let’s throw it away.

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