Growth looks solid. The problem is prices paid were up again, suggesting inflation pressures remain a concern.
More Quotes from John Silvia:
I think oil prices are a concern for all firms trying to hire because in the very short run you can't change much to make up for high costs, ... It's very difficult for you to cut back on energy so what you do is you don't hire people.John Silvia
They view the gasoline thing as temporary, and that's important because it didn't change their overall pace of spending. And that's a different kind of psychology. If it was a permanent increase in gasoline prices, then you would have expected consumers to make a more permanent adjustment downward in their spending and saving rate.
John Silvia
If you're going to set a price below market price, you're going to have to have some sort of rationing. I don't care if it's gasoline, prescription drugs or rent control in New York City.
John Silvia
I think futures are up because people are looking ahead to today's numbers and seeing that this economy continues to move ahead very nicely, no matter what problems a specific company may be reporting.
John Silvia
What you're seeing is that inflation is rising, ... It's still at a low level, but you know what the trend is. The question to ask is, How much is too much At what point does the Fed say it's risen enough that we don't want it to go any higher That's the difficult question to answer.
John Silvia
I think it's just oil and optimism about the New Year. I think oil is the driving factor due to the warmer weather, but people are now looking for better than expected (fourth-quarter) earnings, better than expected retail sales number. There's a host of good numbers out there.
John Silvia
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