Fmr. Obama Economist Jason Furman: ‘Hours Were Down … that Means that Weekly Earnings Were Actually Down, Not Up’

FURMAN: “Now there’s one weird thing in this data that I want to understand better. The one thing you didn’t mention, Rick, that’s on the soft side, is hours were down 0.6%. It’s really unusual, this type — “
SANTELLI: “I did mention it.”
FURMAN: “Oh, you did mention it?”
SANTELLI: “Yeah.”
FURMAN: “Sorry. But that means that weekly earnings were actually down, not up.”