Weather Adjusted Employment Losses in March

Even before the negative impact from COVID-19, the employment report in March was going to be disappointing . This is because the better than normal weather boosted employment gains in both January and February, and there was going to be payback in March. The question is: how much? The San Francisco Fed estimates Weather-Adjusted Change in Total Nonfarm Employment (monthly change, seasonally adjusted) . They use local area weather to estimate the impact on employment. For March, the BLS reported 701 thousand jobs lost, the San Francisco Fed estimates that weather adjusted employment losses......(read more)

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