00:00Jobless claims then, basically in line with expectations.
00:03To Brammo's point, how much have we learned about the labour market
00:06from the incoming data over the last few weeks?
00:10Well, I think the monthly payrolls data, John,
00:13has certainly put a bit of a different picture over the jobs market story.
00:16It had been one of stability.
00:18We didn't just have that most recent soft print.
00:20We had the previous revisions suggesting maybe employment isn't as strong as we thought.
00:25And now these jobless figures this morning, of course,
00:27they do speak to the idea that the layoff story isn't yet happening.
00:31Whatever softness is going on in the market might reflect slower hiring
00:35rather than layoffs per se.
00:37But I will say it was interesting looking through the minutes at the Fed yesterday.
00:41The officials there were making clear that they felt the jobs market was in good shape
00:45and they'd said that publicly as well.
00:47But, of course, the data since that meeting, I think,
00:49has put a bit of a different look on where jobs are at the moment.
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