If it's good news - John Snow will be there

NEW YORK - Number-crunchers at Wall Street banks scrambling to get their employment forecasts just right might do well to check CNBC Television's programming schedule for clues.

Some traders have noticed that more often than not, Treasury Secretary John Snow's appearances on the financial news network coincide with strong jobs data.

A bad number is often handled by less prominent officials.

Traders tend to seize on anything they can to make a bet, and for some, the CNBC factor has become another tool in their forecasting arsenal. Some investors have made money using CNBC as a leading indicator for two months running.

"Traders here had a feeling the figure would be weak this time round," said Ranvir Singh, head of European markets at Refco Trading Services in London. "The fact that Elaine Chao was appearing on CNBC after the jobs report rather than John Snow really gave the game away for a lot of guys."

On Friday, the Labour Department reported payrolls expanded by a meagre 78,000 in May, well below market expectations of around 185,000, according to a Reuters survey.

Treasury officials were quick to deny any link. "This is the single-most absurd market rumour I've heard all year. There is absolutely no correlation," said Treasury spokesman Tony Fratto.

- REUTERS