The headline number is absolutely kind of a shock, I think the bond market is probably overreacting. It's a bounce back from September, but we're still not gaining back all the ground lost in September. The underlying trend is still kind of down.
More Quotes from Bill Cheney:
It fits in with the picture that the labor market is turned, inflation has turned and in a few more months they'll be tightening.Bill Cheney
I don't really see this as down it's really flat. We're still at a level well above the post-Sept. 11 low and so long as it doesn't trend downward, I'm comfortable with the idea that consumer spending is going to hang in there.
Bill Cheney
We're still several months away from job growth catching up with labor force growth and driving the unemployment rate back down, but that's really just a matter of time. Our economy is moving again, and once that happens it's actually quite hard to stop the forward momentum.
Bill Cheney
Friday's report probably reduces the odds of the Fed making another move at its next meeting. This is fairly benign report it would have taken something a bit worse than this to get the Fed to move again.
Bill Cheney
Businesses seem to be doing everything they can to increase profits without increasing hiring. Unfortunately for the labor market, they appear to be quite successful.
Bill Cheney
Given the absence of core inflation, it seems to me as good a time as any to pause and see what's happening for a few months rather than overshoot and risk a recession.
Bill Cheney
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