Companies have been able to maintain incredible productivity growth for a low-growth economy. It does look like firms are finding ways to use technology and make do with fewer workers.
More Quotes from Ethan Harris:
The reason the recovery was so feeble was you still had these hangover effects from the real estate and banking sectors, ... Real estate was still reeling from excess capacity and the whole thrift industry had been decimated by bad loans.Ethan Harris
The markets are going to be a bit uncertain as to how to react, given that the Fed is waiting in the wings, ... They are all going to be looking ahead toward the FOMC meeting to see what the Fed's verdict is on the data rather than reacting as it comes out. They'll be sort of holding their breath.
Ethan Harris
The surplus creates an environment where there's a tremendous amount of saving being freed up for private investment every time the government pays down its debt, that frees funds to flow into private investments. That has created this strong growth economy that we have.
Ethan Harris
If job growth is just 50,000 a month, you can be sure that the unemployment rate is going to rise at some point in the coming months.
Ethan Harris
Usually the federal government takes a much more limited role in natural disasters.
Ethan Harris
It suggests moderate growth in the year ahead, but I don't think there's much risk of a 'double-dip' recession.
Ethan Harris
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