Part of the real story here is that, through July, producers were still getting more output, with fewer labor hours put in. Productivity in the third quarter is probably going to be stronger than in the second quarter, confirming the idea that, while the stock market's not in good shape, the overall economy's not that bad.
More Quotes from Ken Goldstein:
Productivity is the wild card. It's the one thing that has kept the tension between prices and wages on a low simmer.Ken Goldstein
The labor market may finally be hitting bottom. While layoffs remain large, they are no longer intensifying. Job advertising volume has stopped declining, although it remains at very low levels.
Ken Goldstein
The balance will eventually change, but these numbers suggest the caution businesses have been showing is warranted. They also say we might be waiting until early 2004 before we see much stronger business investment.
Ken Goldstein
They're saying the economy stinks this summer, for whatever reason, but their anticipation is that it will turn for the better.
Ken Goldstein
Consumer income remains very strong and now there are bargain prices for a lot of new products that are just coming out to the market, big new computers, new DVD audio equipment,
Ken Goldstein
This was a combination of both bad weather and the timing of when Easter fell, so it made the earlier period look better and this period look worse, ... When you wash these effects out, you essentially get the signal that consumption is not going like gangbusters, but at least it's reasonably strong.
Ken Goldstein
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