Already have an account? log in
This article is FREE for you
Create a free account and join institutional investors, analysts and strategists from the world's largest banks
By submitting your email address you agree to receive communication by email
US Jobless Claims Fall Again. Unit Labor Costs Rise Least In A Decade
If markets needed an offset for a weak read on US private sector hiring, jobless claims obliged.
Re
OR, subscribe now for unlimited access
By submitting your email address you agree to receive communication by email
By submitting your email address you agree to receive communication by email
The pandemic really changed a lot of reaction functions of economic entities. Employment seems to be one. Having been burned by difficulties hiring it appears employers are doing everything they can to retain workers. In many cases that means cutting costs by restricting pay raises and hours worked, not firing outright. In housing, turnover is down because of the lock in effect of existing low rate mortgages, benefitting indirectly, new home sales. Two more obvious examples, surely there are others. It will probably awhile before things shake out and a new normal takes place. Right now forecasting is really difficult because the fundamentals are still so different.