The most recent rate increases, and a rate hike at its next meeting, in my judgment will slow growth to an unacceptably low rate for the region and the nation.
More Quotes from Ernie Goss:
However, the real danger is that the warm weather may have fooled many into thinking the economy is doing better than it is.Ernie Goss
It is certainly clear that record warm weather for much of the region for January and February played an important role in supporting the economy.
Ernie Goss
Strong growth among firms in business and professional services and truck transport offset somewhat weaker reports from manufacturers for March.
Ernie Goss
Despite difficulties for Missouri's vehicle manufacturing sector, durable goods manufacturers overall continue to report expanding economic conditions. I expect the state's telecommunications industry to experience much improved growth for 2006. On the other hand, due to increasing and stiff competition from casinos in other states, I anticipate a subdued 2006 for Missouri's casinos.
Ernie Goss
For 2006, Minnesota's big economic stories will be problems related to the continuing cutbacks in the U.S. auto industry, a turnaround for the telecommunications industry, and finally a weakening of Minnesota's construction industry. Nonetheless, our survey points to still solid growth for the first half of 2006.
Ernie Goss
Higher interest rates are cutting a bit into confidence, and now oil prices are going back up to post-Katrina levels.
Ernie Goss
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