With the Fed maintaining an economic-weakness bias, Greenspan is more likely to be concerned with the signs of further economic weakness in this report rather than worrying about the increase in average hourly earnings.
More Quotes from John Ryding:
I think it's something we're going to have to learn to live with until the fundamentals can reassert themselves. But I do believe that the favorable fundamentals of strong U.S. economic growth and low inflation are here to stay for awhile.John Ryding
The level of claims remained low and consistent with solid job creation.
John Ryding
I think they'll hold unless we see some surprisingly weak economic data on the jobs front, which comes out on Friday. But absent that, I think the Fed is going to be tempted, having cut rates three times, to let things sit a while.
John Ryding
If we hadn't had Asia, there's no doubt that the Fed's economic model, with 350,000 job growth per month in each of the last four months, would have forced interest rates up.
John Ryding
It's not the first time in the history of OPEC that we've had problems with cutbacks, and when the price goes up, then the cheating starts.
John Ryding
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