Read previewThe Federal Reserve's fixation on a streak of "flawed" data to justify keeping interest rates higher for longer is bound to spark a policy mistake, according to top economist David Rosenberg.
"The Fed seems to be focusing not just on flawed data, but on headlines only.
Finally, he noted that the Fed's long-term view of the economy as still hot based on non-farm payroll data was dashed by the Quarterly Census of Employment and Wages and Business Employment Dynamics.
Rosenberg pointed out that the payroll report may be exaggerating actual employment by 70,000 per month.
Meanwhile, BED data indicated a 192,000 drop in private employment in Q3 of last year, whereas private job payroll data reported a significant 521,000 increase in that time.
Persons:
—, David Rosenberg, Rosenberg, it's
Organizations:
Service, Business, Fed, Quarterly, Employment Dynamics