Clearly, there is no near-term inflation threat coming from the labor market. In short, great numbers, which will prompt yet more talk of miracles.
More Quotes from Ian Shepherdson:
After the attack on Pearl Harbor, the New York stock market fell 5 percent over two days. As the United States mobilized and expressed its resolve in the ensuing days, the stock market came back.Ian Shepherdson
His conclusion, in essence, is that much of the productivity explosion of recent years is permanent, but there is a risk that there is significant cyclical element too. Unfortunately, this leaves us none the wiser as to his intentions at the next (Federal Open Market Committee) meeting.
Ian Shepherdson
Claims have now been essentially static for three months, so even if the latest declines turn out to be unsustainable, the data will still show that the trend is no longer rising rapidly, and may not be rising at all, ... It looks like the worst of the worst is now over in the labor market.
Ian Shepherdson
This dip in claims is unlikely to prove significant. The trend, measured by the four-week moving average, is still rising after its turn of-the-year decline.
Ian Shepherdson
The headline reflects a 3.2 percent rise in gasoline prices. Natural gas and electricity prices were also much stronger than the PPI suggested. The good news is the 0.1 percent core, which supports the Fed's view that transitory factors have boosted inflation in recent months,
Ian Shepherdson
This testimony did not give the impression that he is in a great hurry to cut rates immediately.
Ian Shepherdson
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