This report indicates manufacturing is continuing to rebound from the Asian crisis, which is exactly what the Fed expects.
More Quotes from 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
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
There should be no doubt that Mr. Greenspan's view has changed he now believes the economy is turning rather than just approaching the turn,
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
The January revision is mostly due to the plunge in aircraft orders reported in the durable-goods numbers. In February, the index was pulled down by lower consumer confidence, higher jobless claims, shorter delivery times and lower building permits.
Ian Shepherdson
Skeptics will argue this is just a post-war bounce that won't last, but we disagree, ... The ISM was in the mid-50s before the war, thanks to very loose policy, and there's no reason why it can't return to those levels very soon. The Fed does not need to
Ian Shepherdson
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