John Silvia Labor Quotations

Labor costs were one of the key inflation concerns cited by Chairman (Alan) Greenspan in his latest testimony, ... Our outlook reinforces his concern.

It does create a lot confusion and leads to different sides telling different stories -- not useful for making good public policy for the labor market,

Today's labor market does not fit the mold of the old models. The economy has recovered, and many of the old jobs are gone.

This is really the first post-NAFTA, post-WTO economic recovery we've ever had in this country. Because of the globalization of the labor market, the relationship between economic growth and employment is different this time than it has been in the past.

That means there is even more slack in the labor market than we had previously thought, giving the Fed even more reason to sit tight for the next several months.