From an economic perspective, it tells us that we are still having a fairly solid growth in both manufacturing and the overall outlook in the near term.
More Quotes from John Shin:
We do think you're going to see a drop off in consumer spending in coming months. Part of the reason is workers are experiencing pain in their take-home pay. You're still seeing other areas of the economy kicking in. These will offset some of the negatives from lower consumer spending.John Shin
This doesn't do anything to change the expectation for payrolls tomorrow, even though it is eye-catching that claims fell below 300,000.
John Shin
The data are consistent with very gradual cooling in the housing market.
John Shin
Fourth-quarter growth is going to be softer, primarily because of lower consumer spending, but we expect better growth this quarter. A major part of it is the sharp drop in auto sales, and we wouldn't expect to see that again.
John Shin
It's pretty funny how quickly sentiment can swing, but I think it's too soon for the Fed to pause (in raising rates). This morning's number keeps the Fed on track continuing 25 basis points (quarter-point) hikes.
John Shin
This will get people thinking a little bit more about the inflation risks the Fed has been talking about.
John Shin
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