It could mean that those people don't show up in the jobless numbers until relatively late, so it's an evolving situations in terms of understanding the impact on the labor market.
More Quotes from Patrick Fearon:
That would support the idea that the Fed can stop raising rates soon.Patrick Fearon
Whether you look at the core personal consumption expenditure index on a monthly basis or a year over year basis, the inflation trend is basically 'steady Eddie.
Patrick Fearon
The good news is that this is much more moderate than we had seen in September and August and it brings the annual inflation rate down to 4.3 percent.
Patrick Fearon
The service sector of the economy is still growing at a good pace and that is consistent with what we were seeing in the employment report for November.
Patrick Fearon
The housing starts figure coming in down 5.6 percent was weaker than expected and seems consistent with our thesis that the housing sector is moderating. The big decline in housing permits reinforces that idea.
Patrick Fearon
Even though that was an 11,000 increase, you have to say claims remain relatively low and certainly in the range we would expect in a strong labor market.
Patrick Fearon
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