This is a low enough number to be interesting, but not so low that it clearly marks a favorable shift in the trend,
More Quotes from Ian Shepherdson:
The trend in sales is probably not as weak as this seems to suggest, but there is no question that the condoco-op market is slowing much more dramatically than the market for single-family homes. Even in the latter case, however, sales have fallen more than 10 from their summer peak.Ian Shepherdson
There is no clear steer on policy in this speech analysts with different views will read it in different ways. But we think the Fed chairman knows recovery is here he just wants to be a bit cautious -- and in both directions, which means no more easing,
Ian Shepherdson
This is a sign that the committee is beginning to think aloud about shifting to a more neutral position - but the forecast of significantly slower growth will have to come first, ... For now, the elevated headline inflation rate and the tight pool of available labor remain bigger concerns, so the Fed's guard is still up.
Ian Shepherdson
This report is stronger than it looks and is consistent with the industrial recovery gathering pace,
Ian Shepherdson
With the fastest productivity growth and biggest drop in unit labor costs in seven years, the numbers are certainly worth shouting about, but as yet we are far from convinced that much of the improvement is structural. Mr. Greenspan is of the same view, which is why rates are going up no matter what happens to productivity growth.
Ian Shepherdson
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