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Economist Peter Morici on the decline in jobless claims and the outlook for the job market.
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Actress Debbie downer here on money in the spirit -- -- we give props it's -- jobless claims the number fell to 300.
Thousand last week that is the lowest in four years.
And what last Friday's just disastrous jobs report is this the polls we've been waiting for an otherwise flat lined market.
Here with me.
-- behind the headline.
Crunch the numbers with us so what do you think glimmer of hope the beginning of something fantastic -- beautiful Peter what if.
Well I'd certainly a glimmer of hope and we have to sit alongside some other data you know last week there was a lot of attention on the jobs report remember.
That is collected on the twelfth of the month that data is already about a month old.
For the month of June challenge -- survey of large layoffs at big companies showed a marked reduction in June.
It seems as though the worst of the jobs market may be behind -- it doesn't.
I mean happy days here again nobody's ever gonna -- I think it's something we see some things positive when it's there no one thing people were talking about was that.
Of the auto industry didn't go on hold this summer that you know generally they shut down from up and not doing that this year it's about one of the reasons.
That's what I talk a lot to the -- executives at very high levels almost every month.
And they have more big better calibrated their production -- -- in the past they don't stock up too many cars too easily.
Yeah -- have a nice steady pace of about at about fourteen million vehicles a year that's good and healthy.
And they are very good at keeping the mix words suppose to be.
To do that they need to produce virtually year round.
So I hoping that maybe -- carts were flying off the shelves and people are buying all kinds of cars currently that they just had figured out how to smooth the operation.
Well let them and then rate at which they're selling cars is significantly elevated over the last twelve months compared to the previous twelve my -- true they're now at a healthy pace at pace where they can make money and pay good wages.
Now what kind of suspicious about -- of course get a holiday in the middle of the week last week.
So did that have something to do it at that maybe people were on vacation -- -- partying -- we're doing whatever else so they didn't go -- filed claims.
We're the guys are crunched the number and the gals are supposed to slow down through that through adjustment process he's actually I've been to be -- a lot to see the crunchers.
A lot of what they yeah always get what -- -- and a lot of well -- -- -- people with computers.
And that they do what you know economists do they collect data.
Human -- and working in this town for forty years and I've crunched the -- those numbers myself.
And there's a lot of women that do it because she doesn't think they pay very close attention better attention and I know.
Is that good jobs did they seem like they enjoyed -- cranky I mean there were always out there are saying you know kind of trashing the statistics -- the revisions to they hate all of us.
No and in fact they welcome phone calls when you have very real question they're very helpful people I find them to be very pleasant to work with.
Every seat is in every ticket turn I didn't expect -- -- -- Leavitt thanks not to take care all domestic.
Six.
