Katrina and Rita effects still linger, though they are fading, ... Claims will likely rise next week as the full effects of Wilma hit, but the downward trend is very clear.
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.
Another 25 basis point palliative ease in August seems a good bet. But the big easing story is over.
Clearly there is nothing here at all to comfort the Fed.
Given the huge decline in consumer confidence, this (gain in spending) does not seem unreasonably weak, especially with consumers' real after-tax income growth slowing too.
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 --
The bottom line here is that the month-to-month volatility in the durable orders data is such that the true information content in a single report is very small -- there's just too much noise.
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Good lies need a leavening of truth to make them palatable.
I am decidedly of the opinion that in very many instances we can trace such a necessary connexion, especially among birds, and often with more complete success than in the case which I have here attempted to explain.
Alfred Russel Wallace
Cancelled isn't a bad word because it happens everyday.