Steven Wood Hiring Quotations

The pace of layoffs is rising again, while new hiring has stopped. These trends will likely be extended because of the economic dislocations associated with this week's tragic events.

The pace of layoffs is rising again, while new hiring has stopped, ... These trends will likely be extended because of the economic dislocations associated with this week's tragic events.

Labor markets are deteriorating rapidly. Layoffs remain at a fast pace, while hiring has all but stopped. As economic activity continues to unravel, there are few prospects for a near-term turnaround. The national unemployment rate, now at 4.9 percent, should breach 6 percent before the economy begins to recover.

Labor markets are deteriorating quickly in the wake of the terrorist attacks on September 11. The economy was quite weak before the attacks, which have accelerated the pace of layoffs. As layoffs spiral higher, hiring activity has stopped, giving a strong upward push to joblessness.

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.

Despite the brief moderation in consumer attitudes, consumers appear to be spending heavily still, urged on by widespread hiring and income growth.