It's more of a victory lap. Literally a month ago people were arguing that prices would not stop going up. Now, data we would have killed for two years ago is seen as the end of the world. But alarmists on both sides of this thing have been shown to be wrong.
More Quotes from Steven Wieting:
If demand stays strong and productivity growth slows considerably, this could be a year that could be seen as heading towards traditional overheating of the labor market, with big employment gains.Steven Wieting
Exports were flat for a second month running and that has been what is most broken in the trade picture.
Steven Wieting
We continue to expect a long, successful business cycle expansion amid well-known challenges. However, visibility has been somewhat reduced, and the Fed is not fighting off increased market expectations of policy tightening.
Steven Wieting
The consumer's role in this upturn is going to be the opposite of his role in the downturn.
Steven Wieting
While we don't take monthly changes in employment too seriously, today's data were slightly stronger than expected on hiring, but slightly weaker on hours and utilization, thus providing a 'growth positive' outlook.
Steven Wieting
Many of the understandable sources of recovery have been expended in the first half of 2002, leaving growth drivers into 2003 a mystery.
Steven Wieting
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