More people are entering the labor force, so there is more competition. More competition means there's less leverage for employees.
If we close the borders and have less undocumented workers, it would put some upward pressure on overall wages. It's no secret business will have to pay workers more money.
We have almost 500,000 people in the New Orleans area and you have a less than 80,000 increase in claims. We are going to have a lot more than that. Clearly a lot of people can't yet file claims.
We produce less than 50 percent of all the energy that we consume.
This is clearly a non-threatening report for investors and policy makers alike. Labor market conditions appear to be tepid enough to justify less rather than more Fed rate hikes while wage pressures did not spoil the party.