FOREX TRADERS

[ultimatepick]

Be very very CAREFUL tomorrow!!!
Government revisions to payrolls are likely to show job growth has been much stronger than first thought.

http://money.cnn.com/2007/02/01/news/economy/jobs_outlook/index.htm?postversion=2007020115

But the numbers will also include the Labor Department's so-called benchmark revisions to job numbers for April 2005 through March 2006. While it's gotten very little attention, the department's Bureau of Labor Statistics (BLS) estimated last October that the revisions will add about 810,000 jobs to its count of U.S. payrolls for that 12-month period.

In addition, the BLS will make changes to its estimates for April 2006 through December 2006, and some economists say several hundred thousand additional jobs may be counted for that period, meaning the overall job gain could top 1 million. Wachovia senior economist Mark Vitner estimates a total net gain of 1.2 million from all the revisions.

Changes of that magnitude would obviously dwarf the January numbers, which will nevertheless get most of the attention on Wall Street.

The benchmark revision is the biggest going back to the 1970s, and some economists say it shows not only that the economy is doing much better than previously believed, but that the way the Labor Department calculates those on the job needs significant revisions.

"The BLS says that the payroll estimate has a margin of error of 150,000 jobs, while the household survey is plus or minus 300,000 jobs," he said. "So when you see a gain of 150,000 in the payroll number, it could be zero, or 300,000. It's tough to draw any conclusions about the state of the economy from that." MY GAWD!