After adjusting for the storm effects, both initial and continuing claims appear to be near their pre-hurricane levels, indicating that labor markets remain strong despite the weak October payroll employment report.
More Quotes from Steven Wood:
While these data will be welcome by the (Fed), two key questions remain. Will the second quarter spending slow down extend through the rest of the year Economic fundamentals suggest they will. And will the spending slowdown be sufficient to relieve pressure on labor markets and inflation At this point, that is still an open question.Steven Wood
With still strong domestic demand and improving international demand, the factory sector is continuing to recover from the sluggishness that resulted from the Asian economic crisis,
Steven Wood
These data provide some encouraging news for the factory sector, as unwanted inventories are being worked off and shipments have bounced.
Steven Wood
Although the (Fed) will not be pleased with the sharp decline in productivity growth over the past year, they will view it as a cyclical phenomenon rather than a retreat from the productivity-led expansion of the past 5 years.
Steven Wood
This will help boost overall economic growth to above 4 percent our current (third-quarter) estimate is 4.5.
Steven Wood
Higher claims suggest slower job gains, which should dampen income growth, consumer spending, and overall economic activity.
Steven Wood
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