Nothing To Do, Nowhere To Go 0
Running out of people to lay off (emphasis added):
The figure was much lower than expected, but was not seen as a sign of a sudden, sharp improvement in the labor market.
Claims were “massively distorted by the shift in timing of summer shutdowns,” economists John Ryding and Conrad DeQuadros at RDQ Economics in New York said in a note to clients.
A Labor Department official said there had been far fewer seasonal layoffs than anticipated in early July in the automotive sector and elsewhere in manufacturing.
Many of the jobs typically shed for summer plant retooling were cut earlier, and in some cases permanently, as the industry slashed output in the spring to reflect extremely weak demand.
