Inventories remain very low and will add to third quarter and fourth quarter growth, too.
More Quotes from Ian Shepherdson:
This is a low enough number to be interesting, but not so low that it clearly marks a favorable shift in the trend,Ian Shepherdson
No doubt bears will highlight the rise in continuing claims, up another 29,000, but we are unmoved A rising ratio of continuing to initial claims signals accelerating productivity growth, not a shaky recovery, ... Labor market conditions are improving --
Ian Shepherdson
Overall, the labor market is improving, but progress is still slow,
Ian Shepherdson
There may be some adverse seasonal effects at work in the claims numbers, thanks to the late Easter, but the underlying trend is surely unfavorable, ... A reversal requires a quick and steep recovery in business confidence.
Ian Shepherdson
This testimony did not give the impression that he is in a great hurry to cut rates immediately.
Ian Shepherdson
No doubt these numbers will be taken by the market as a clear sign of a softening housing market and, by implication, an indication that higher interest rates are biting. We are much more skeptical housing starts lag home sales, which have been depressed in recent months more by lack of inventory than by higher interest rates.
Ian Shepherdson
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