Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

That is possible; the December report seemed an aberration to us. It didn’t seem consistent with all of the other data we were getting at the time, and we may see a revision in the next report. The claims data are measuring people going onto the unemployment rolls, and we’ve clearly seen fewer layoffs occurring in both that series and the challenger series—or in any of the other layoff series that we look at. We have not yet seen in earnest a pickup in hiring—the flow of workers back into jobs. The dearth of hiring is a pattern that we still are seeing through the third and fourth quarters in the labor market. There has been some good news—layoffs are down—but hiring isn’t really up yet the way we would like to see it.

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