I'm not sure I believe the Labor Department. On Friday, there must have been a below-normal number of people applying for benefits.
More Quotes from Ethan Harris:
The combination of still-strong growth and rising inflation has prompted a string of hawkish Fed speakers all arguing strenuously for the need to keep inflation contained,Ethan Harris
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.
Ethan Harris
At the national level, the Fed has to worry about the inflation implications of the storm.
Ethan Harris
The market is getting lulled into sleep here. In reality we think that both the inflation numbers and the growth numbers will keep the pressure on the Fed.
Ethan Harris
The markets are going to be a bit uncertain as to how to react, given that the Fed is waiting in the wings, ... They are all going to be looking ahead toward the FOMC meeting to see what the Fed's verdict is on the data rather than reacting as it comes out. They'll be sort of holding their breath.
Ethan Harris
We are obviously experiencing slower growth and the payroll numbers don't really reflect that yet, which is why they will be an important indicator. Companies have been cutting back the number of hours their workers put in and in some cases cutting back their workforce altogether, and that is what people will be looking for in the numbers.
Ethan Harris
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Based on Topics: Labor Quotes, People QuotesBased on Keywords: below-normal
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