This is an exciting number, but it was warmer in November than usual. The warm weather is the equivalent of zero-percent financing on automobile sales. You're going to see this work itself off in months to come.
More Quotes from Anthony Chan:
There's no question in my mind that the labor market is improving.Anthony Chan
I think the markets probably overreacted when the Federal Reserve first moved toward a neutral operating directive, ... When Alan Greenspan spoke this time, I think the reality set in and that is, yes, the central bank has a neutral directive, but it's more like an ultra-right (hawkish) form of neutral directive. ... Any time they get an excuse to raise rates, they're going to take it.
Anthony Chan
Given that we import more than 50 percent of our oil consumption from abroad, it is clear that as these prices rise, we are essentially transferring net wealth from U.S. consumers to oil producers that are mostly located overseas.
Anthony Chan
To the extent that consumer sentiment reacts to movements in the unemployment rate rather than the meager increase in non-farm payrolls, we have to take this ... report as delivering good news to the troops.
Anthony Chan
This shows the labor market in not overheated. And you can see that in, yes, not a lot of people are getting raises.
Anthony Chan
There's no question they will have to keep the door open for more cuts. If they see further surprises on the down side with respect to unemployment, they have to remain in play because that has a dramatic impact on consumer confidence.
Anthony Chan
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