Steven Wood Claims Quotations

New claims during the survey week are broadly similar to where they have been for the last two months, when payrolls fell, ... Continuing claims have been ratcheting steadily higher. Labor market weakness remains.

New and continuing claims are at levels that historically have been associated with payroll employment gains of around 225,000. Labor markets are gradually improving.

Even as the pace of layoffs has ebbed, no new hiring is taking place, so continuing claims will rise even further and surpass their peak in the last recession. Labor market deterioration is continuing with no end in sight.

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.

Higher claims suggest slower job gains, which should dampen income growth, consumer spending, and overall economic activity.