Economy

Jobs Report For February Likely Better Ignored: Larry Summers

Lawrence Summers said February's snows likely had a negative impact on the month's jobs picture, mak

White House economic adviser Lawrence Summers. Mark Lennihan/AP Photo hide caption

itoggle caption Mark Lennihan/AP Photo

If the February jobs report due out Friday is really disappointing, just ignore it because it will be impossible to know what the economy was really doing last month because of all the snow.

So warns Lawrence Summers, chair of President Barack Obama's National Economic Council.

It was a pre-emptive strike meant to soften what the Obama Administration appears to expect bad news and tried to ready the financial markets for it.

Summers told CNBC in an interview:

Who knows what the next number's going to be? The blizzards that affected much of the country during the last month are likely to distort the statistics. In past blizzards, those statistics have been distorted by 100,000 to 200,000 jobs. So it's going to be very important to know, very important to look past whatever the next figures are to gauge the underlying trends.

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