Overall, solid domestic final demand, but the second quarter will be much weaker. We expect growth to slow to 3 or less, led by a sharp slowing in consumption.
More Quotes from Ian Shepherdson:
With productivity likely to slow a bit further, there is little room for maneuver. In short, good news today but not enough alone to change the outlook.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
His testimony leaves us thinking that a June 25 easing is far from a done deal -- it will depend on the data,
Ian Shepherdson
The bottom line here is that industry is doing well.
Ian Shepherdson
People told consumer surveys they were miserable, but they were willing to borrow money to pursue a bargain,
Ian Shepherdson
Overall, this was another awful report, ... but given the size of the inventory overhang in manufacturing and the still-rapid loss pace of job losses it comes as no surprise.
Ian Shepherdson
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