The employment cost index report adds to the growing list of evidence that there is very little in the way of cost pressures in the inflation pipeline.
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Out of those five times, the economy fell into recession 100 per cent of the time.David Rosenberg
Whether it's lingering layoffs, receding real wage growth or cutbacks in healthpension benefits, corporate America is now in the process of shifting its lack of pricing power onto the backs of its workforce.
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The equity market is climbing a wall of worry right now.
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We estimate the near-term loss in terms of output, employment and income in the affected area coupled with the surge in energy costs that impacts everyone will offset any future rebuilding by a factor of two to one.
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What all this spells is inflation from barely 0 percent all the way up to something that doesn't even make it to 2 percent. This is an easy money policy
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If the economy continues to muddle through at around 2 percent annualized growth, we could very well slip into deflation in the next two years,
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