UPDATE 1-Winter storms to distort US jobless figures-Summers

WASHINGTON, March 1 (Reuters) – White House economic adviser Larry Summers said on Monday winter blizzards were likely to distort U.S. February jobless figures, which are due to be released on Friday.

“The blizzards that affected much of the country during the last month are likely to distort the statistics. So it’s going to be very important … to look past whatever the next figures are to gauge the underlying trends,” Summers said in an interview with CNBC, according to a transcript.

Construction activity was hit particularly hard by the storms, but many restaurants and stores also had to close, putting the brakes on hiring plans and temporarily throwing some employees out of work.

Read more: Reuters


March 1, 2010 - Posted by | 398 |

1 Comment »

  1. What baloney! That doesn’t affect hiring. Worse case scenario, if what Summers said was true, it would only affect hiring for a week or so. But the truth is that NO ONE IS HIRING, so the numbers to come out are very much accurate.

    Comment by MTR | March 1, 2010 | Reply

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