Ian Shepherdson Quotes
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For the second straight week, jobless claims have substantially undershot the consensus... Analysts apparently do not want to accept that the flow of extra job losses caused by the events of Sept. 11 is slowing sharply, but that is exactly what the data indicate.
- Ian Shepherdson
No doubt bears will highlight the rise in continuing claims, up another 29,000, but we are unmoved: A rising ratio of continuing to initial claims signals accelerating productivity growth, not a shaky recovery... Labor market conditions are improving -- but we still expect a soft payroll report Friday.
- Ian Shepherdson
The Fed's minutes do not change the near-term outlook for policy despite the strong market reaction. Clearly there is some debate as to how much further tightening will be necessary, as the minutes say the number of hikes will likely 'not be large,' but 'large' is undefined. This does not read like a Fed where everyone is looking for a reason to stop.
- Ian Shepherdson