It's definitely a labor market that's generating enough jobs to bring down the unemployment rate over time. That process was interrupted by the hurricanes and appears to be resuming.
More Quotes from Dean Maki:
They highlighted the long-term rise and not the recent decline. Their concern about core inflation's potential to increase has not been eased by the recent decline in energy prices.Dean Maki
The strength across all labor-market indicators does suggest the Fed will likely raise rates in March.
Dean Maki
One way to interpret it is that sellers may have only been willing to sell if they got the prices they were expecting. Fewer got that, so there were less actual transactions as prices continued to rise.
Dean Maki
What seems to be happening is the number of transactions has been falling but prices continue to grow. Over time, the rate of price increases is likely to slow this year.
Dean Maki
I think that they are likely to make some small modification to the forward-looking language ... saying something like 'further policy firming might be needed' rather than 'may be needed'.
Dean Maki
Labor market weakness isn't spreading from the hurricane- affected areas to other areas of the country. We are starting to see hurricane-related claims drop off, and more important for the economic outlook, jobless claims excluding the hurricane effects remain low.
Dean Maki
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