00:00Claims come in at 200,000 even, up from a revised 190,000, so still low, but we moved away
00:07from the record low level.
00:09The continuing claims number, though, drops 1,766,000 from 1,776,000, so we are seeing some improvement in
00:21the longer-term claims picture.
00:22But it all basically tells you that the labor market is stable, sort of the same message we got out
00:27of the JOLTS data the other day.
00:30And, of course, tomorrow we'll get the payrolls data.
00:32Also getting productivity at this point and unit-level productivity for the first quarter, rather, is nonfarm productivity is up
00:42at an eight-tenths pace.
00:44That's down from 1.6% in the fourth quarter.
00:47Of course, GDP was higher.
00:48Unit labor costs the fall, though, from 4.6% to 2.3%.
00:54So productivity having some benefits there.
00:58But the issue, of course, and I feel being in San Francisco, I should talk tech, we're not seeing a
01:04lot of productivity yet in the numbers from AI.
01:06And most of the folks on the Fed don't think we're going to see it for a little while.
01:10Even if Kevin Warsh thinks that's justification for cutting rates, that's not what we're hearing from members of the Open
01:17Market Committee right now.
01:18Let's see.
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