The labor market's going to have a long, slow climb. Corporate America is going to use whatever means it can to boost output without hiring. They're going to wait and wait for confirmation that growth is really picking up before they move into serious job hiring.
More Quotes from Ethan Harris:
Payrolls were well below the whisper number, so there's been a big sigh of relief in the market,Ethan Harris
We've been trying to see whether the improvement of the economy and financial market will carry the day in terms of consumer confidence, or if worries about labor will dominate. It looks like the 'glass-half-full' view is winning.
Ethan Harris
They'll wait to see how Christmas shapes up, and if it's weak, they'll give another rate cut in January.
Ethan Harris
It suggests moderate growth in the year ahead, but I don't think there's much risk of a 'double-dip' recession.
Ethan Harris
From the market perspective, there's a big difference between 6 percent and 5.8 percent unemployment, especially since there's a lot of talk out there that maybe a recovery is at hand.
Ethan Harris
The reason the recovery was so feeble was you still had these hangover effects from the real estate and banking sectors, ... Real estate was still reeling from excess capacity and the whole thrift industry had been decimated by bad loans.
Ethan Harris
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