Next week's jobs report will be key to the income data and need to be watched as much for that reason as for the unemployment rate and job growth, ... Another month of weakness in the hours worked and wages data would be worrisome.
More Quotes from Joel Naroff:
The euphoria over the third quarter will probably be replaced by concern over the fourth quarter. We've begun to transition to more moderate growth, and that's what we'll see the first half of this year. It will be a stepped-down pace, not a collapse.Joel Naroff
Right now, spending is running at a roughly 1.5 percent pace and may not hit 2 percent for the quarter, ... But with income available, it would be surprising if consumption does not pick up.
Joel Naroff
Housing is the one key sector that is supposed to be interest-rate sensitive, but at least so far, rates have not risen enough to cause a major retrenchment.
Joel Naroff
With consumers spending a little less and business investment likely to slow, that will translate to a bit slower growth for factories.
Joel Naroff
What needs to be watched is the wage situation. Was the jump in wages a one-shot wonder or does it portend accelerating labor costs That is the unknown right now.
Joel Naroff
If the Fed wishes to wait an extra meeting before it raises rates, the inflation data currently give the members free hand to do so.
Joel Naroff
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