These confidence surveys are reflecting what people are reading -- that the economy is not creating jobs. It doesn't mean that people are not spending.
More Quotes from Avery Shenfeld:
All told, a fairly strong reading that will only buttress the Bank of Canada's case for remaining hawkish.Avery Shenfeld
It's now evident that the US economy is headed for a very brisk first-quarter growth pace, with our above-consensus 4.8 percent real GDP forecast looking, if anything, too conservative.
Avery Shenfeld
Today's statement ups the odds that the Bank of Canada will be back again with a 25 bp (basis point) 'Christmas present' in December.
Avery Shenfeld
Although financial markets have confidently priced-in a May rate hike, low core inflation implies that the case for risking growth by pushing rates higher is far from clear. If, as we expect, the economy were to show signs of a slowing by May, the Fed will want to give it the benefit of the doubt by standing pat at that point.
Avery Shenfeld
This was a month in which a number of one-time events conspired to mask the true strength of the economy.
Avery Shenfeld
We expect the combination of a U. S. growth moderation and the lagged impacts of a strong Canadian dollar on factory employment to do a lot of the work in engineering that cooling in Canadian hiring, leaving the Bank of Canada with only another 50 basis points in rate hikes.
Avery Shenfeld
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