The data are consistent with very gradual cooling in the housing market.
More Quotes from John Shin:
It is difficult to argue that there is a bubble on a national level since it more of a coastal story, such as California and Florida. There has also been a reduction in speculative buying.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
There is still significantly stronger growth in the U.S. relative to the rest of the world. That's been the dominant factor in terms of continued large trade deficits and that's not going to change much this year.
John Shin
The Chicago number is generally more affected by the auto sector and you do have reports of lower auto sales down from July's gangbuster numbers,
John Shin
Inflation costs have been pretty moderate, but we are expecting wage pressure to kick in by the end of the year.
John Shin
While we still expect the housing market to cool gradually -- and the data over the past couple of quarters has been consistent with that view -- the February existing home sales number shows the considerable strength that is still in the residential sector.
John Shin
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