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Incoming Fed chairwoman Janet Yellen.
Incoming Fed chairwoman Janet Yellen.
(Mario Anzuoni/REUTERS)

Lousy jobs data won’t budge Fed policy

Jobs news was resoundingly disappointing in both Ottawa and Washington on Friday. But the U.S. report was the stuff that central bankers’ nightmares are made of.

The U.S. economy generated just 74,000 jobs in December, much lower than the expected gain of 200,000. Economists are scrambling to explain this away – bad weather and the expiry of emergency unemployment benefits are a few of the distortions being emphasized.