Moody’s Chief Economist Still Doesn’t Believe Jobs Numbers; Blames the Weather

TODD: “Mark, last month you thought the December number was sort of -- was just sort of -- wasn't going to fit the pattern that we were in, but now it looks like we have an issue here, does it not?”

ZANDI: “No. Chuck, it was still really cold in January, really cold. And, of course, in early February. I think the weather is all over these numbers.”

TODD: “December, too?”

ZANDI: “I don't think anything fundamental has changed. Pardon me?”

TODD: “You feel that for December and January?”

ZANDI: “Yeah, I do. And I think it's going to bleed into obviously now February given how cold and wet and stormy things are in February. So I think the weather is all over this because nothing fundamental has changed in the economy since you pointed out -- look at the data in August through November. You know, nothing fundamental has changed. So, yeah, I think we're going to get back on track as soon as the weather gets back on track.”