We've been waiting for something like this for a long time. But we need to resist the temptation to put too much weight on any one month's report -- probably the best thing to do is to average out the past few months that gives a clearer picture.
More Quotes from Joshua Feinman:
We need to keep in mind that this is the time of year when weekly fluctuations can be hard to seasonally adjust. We may need a few more weeks to sort it out. Overall, the readings we've been getting suggest the deterioration in the labor market is slowing down.Joshua Feinman
Did firms have trouble making profits back in the 1950s and 1960s ... No -- they were used to a low-inflation environment, and the cost side was used to that, and workers' expectations about wages were more attuned to that.
Joshua Feinman
Companies have the wherewithal to pick up the pace of hiring and capital investment again, but I'm not sure they have the desire, for a variety of reasons -- including their outlook on future demand.
Joshua Feinman
I think it's encouraging that three weeks in a row we've been below 400,000. I think it suggests the labor market may be strengthening a little bit.
Joshua Feinman
As the national economy gets better, California will get better, and some of its problems will be less acute.
Joshua Feinman
It's a little bit analogous to the early 1990s, in that, when the Persian Gulf War ended then, the economy did not come storming back -- it took a while because it continued to work off its problems. Something similar could happen this time, though the economy is a little further along now in its process of unwinding than it was then.
Joshua Feinman
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