Santelli Warns Not to Buy Hype of Upcoming Jobs Data

Prelude to a Media Victory Lap: Santelli Warns Not to Buy Hype of Upcoming Jobs Data

Jeff Poor

With March unemployment data to be released April 2, some are anticipating what potentially lower jobless numbers will all mean for the financial markets and the economy as a whole. However, that data will come with the caveat that it will be misleading because it will include temporary jobs driven by hiring for the 2010 census.

On CNBC’s March 29 “Squawk Box,” CME floor reporter Rick Santelli was asked how to interpret the expected improvement. He warned it isn’t the kind of job creation that is good for a sustained economic recovery.

“You know, I think it’s fascinating,” Santelli said. “Most experts would agree, the kind of job creation we’re going to see is welcome but it isn’t the kind we need in the big picture. But having said that, yes, I think that the markets will act in a way that will show a robustness if the number comes in a couple of hundred thousand and I think it’s kind of silly.”…

…Joe Kernen, co-host of “Squawk Box,” predicted Obama administration officials will be reluctant to acknowledge the census hiring and its impact on the upcoming unemployment data…

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