Polar Vortex Loser: Employment
Effects from the polar vortex will be temporary, but they could distort the employment picture in some disappointing ways.
Hiring has accelerated sharply since last fall, as employers have been bringing in an average of 200,00 new workers a month. However, the polar vortex likely will skew the January figures, especially when it comes to jobs in construction. You don’t start or continue work on outdoor structures in record-cold temperatures.
The construction industry added 17,000 new jobs in November, led by specialty trade contractors. We can expect that number to take a hit when this month’s jobs report is released in early February.
As of this writing, Dan Burrows did not hold a position in any of the aforementioned securities.