The White House announced today that record snow last month will likely distort the already miserable unemployment rate.
Well, you know what they say… “You can’t control nature.”
White House economic adviser Larry Summers told reporters that the February blizzards may distort the record unemployment number.
Reuters reported:
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.
Summers says that if the jobs report for February is awful to just ignore it.
