One of our least favorite Wall Street sayings?

“Better than expected.”

As Hedgeye CEO Keith McCullough explains in the clip above from The Macro Show, it’s a useless term. It’s typically tossed around by Old Wall pundits with respect to anything from monthly jobs report to company’s quarterly earnings and more.

“Better than expected never matters in our model. It’s what the rate of change does,” he explains.

Referring specifically to the recent jobs report McCullough adds: “The rate of change between wage growth and hiring continues to be bearish for hiring.”

Watch the full clip above for more.

McCullough: Why 'Better Than Expected' Doesn't Matter - the macro show