His conclusion, in essence, is that much of the productivity explosion of recent years is permanent, but there is a risk that there is significant cyclical element too. Unfortunately, this leaves us none the wiser as to his intentions at the next (Federal Open Market Committee) meeting.
More Quotes from Ian Shepherdson:
There was no comment on future Fed policy, but ... with no inflation risk, Mr. Greenspan can wait until recovery is secure. In the meantime, rates are on hold.Ian Shepherdson
It is tempting to blame the softness of core sales on the surge in gas prices, but we think it is too soon for that.
Ian Shepherdson
A strong U.S. corporate recovery is brewing right now -- this survey implies 4 percent gross domestic product growth,
Ian Shepherdson
The bottom line is that a one-month decline in this measure does not reverse the clear, firm upward trend.
Ian Shepherdson
The bottom line here is that industry is doing well.
Ian Shepherdson
If claims remain anywhere near this week's level, they will send a very strong signal that the labor market is tightening.
Ian Shepherdson
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