The Peter Schiff Show.

Well today we got the highly anticipated as it always is, monthly non-farm payroll

number, the employment situation number.

The consensus estimate was for gain of 230,000 jobs.

Now on Wednesday we got the ADP report which slightly missed expectations of 220,000

according to ADP we added 213,000 jobs in January.

So that was a bit of a disappointment and most people, myself included, I mean I was looking

for a weaker jobs number in January, consistent with all of the other economic data, the macro

economic data that has been consistently bad.

Throughout the month, including the recent GDP number for the fourth quarter that came

in way below the 3.2 estimate of 2.6 and given the numbers that have come out over the

last few days, that number is likely to be revised substantially lower next month, either

the low twos or maybe even the high ones.

So a huge deceleration, I'll get into the reasons for those revisions a little bit later.

But I want to continue to talk about the jobs data which came out and instead of being

below expectations, it beat 257,000 jobs was the number better than the 230,000 jobs that

had been expected.

But I think more significant than that beat were all of the upward revisions to prior months,

just the last two months alone, November and December, the government increased the number

of jobs created by 147,000.

In fact, they made upward revisions to almost every month, including going all the way back

to January.

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