This was a very solid report. The labor market is firming and workers are beginning to see their wages improve.
More Quotes from Joel Naroff:
They're faced with what is probably a moderation in growth, but a slow acceleration in inflation. The question is, where does inflation go from here I think that will be the driving factor, because I don't think growth is going to stay this slow.Joel Naroff
Businesses are toning down their expectations with investment and hiring this year.
Joel Naroff
The ... report makes it clear that, without the treats given to us by tax cuts and low interest rates, consumers are on their own, ... Let's just hope they don't trick us and slow spending sharply.
Joel Naroff
The Fed will not shift its bias. Retail sales numbers for August, which they'll have in hand by the time of the meeting, will be pretty solid, so they will be facing essentially the same thing they've been facing for a while now -- the fundamentals are not that bad, but the stock market is,
Joel Naroff
The confidence of consumers is going to be related more to the issue of terrorism and war than to anything fundamental, ... If things turn, that'll turn confidence, and that'll stop the downslide very quickly.
Joel Naroff
But inflationary pressures are not going away, so the Fed will likely raise rates tomorrow and on December 13th and early next year,
Joel Naroff
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