The impacts are expected to be almost negligible given the size of the announced job cuts relative to the overall labor force as well as the fact that unemployment rates for veterans tend to not be that much different than unemployment rates for non-veterans.

Daniel Silver

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Going back a half year or so, it had seemed that the weakness in the economy was fairly isolated in the manufacturing sector as well as a few other areas, mainly energy and exports, but we now have these surveys showing that the service sector has weakened as well over the past few months.

The JOLTS report is consistent with our view that the labor market will continue to improve, but that we will see some moderation in job growth.

We think that the drag from inventories in the fourth quarter will be more severe than we had previously believed.

The September report does little to alter our view that the housing market is continuing to recover. We view the new home sales data as unreliable and many other more reliable housing indicators have been sending upbeat signals lately.

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We should not get too worried about the signal from the new home... by Daniel Silver

We should not get too worried about the signal from the new home sales data at this point.

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We are moving past the weakest period for energy-related capex ... which should be a positive development for the manufacturing sector.

It looks like the combination of limited available inventory and a decline in the share of distressed sales in the market continue to put upward pressure on prices.

We find it reasonable to excuse the bad news in the February data because of the unusually cold weather during the month and think a weather-related rebound is likely in March.

The snowstorms ... may depress payrolls modestly, likely by less... by Daniel Silver

The snowstorms ... may depress payrolls modestly, likely by less than 10,000 jobs.

The ADP report shows that payrolls continue to increase at a soli... by Daniel Silver

The ADP report shows that payrolls continue to increase at a solid pace through February.

It is unclear at this point whether or not this move up in the trend reflects issues seasonally adjusting the data around the holidays or if it represents a more meaningful deterioration in the labor market.

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This upward revision implies slightly stronger momentum for services consumption heading into the fourth quarter, but is of little significance to our forecast for fourth-quarter GDP growth.