The labor market indicators reflect a loss of economic momentum, even eliminating the impact of the storms and flooding.
More Quotes from Ken Goldstein:
Some of the department store sales don't make sense to me,Ken Goldstein
The labor market remains on a high plateau that has prevailed in the last year and a half.
Ken Goldstein
The storms and flooding, and now the rebuilding and dislocations in the Gulf Coast area, are taking place in a weakening national labor market.
Ken Goldstein
Consumer sentiment about job prospects over the next six months dipped in January. Thus, not only are the indicators suggesting modest gains in hiring, but consumers also do not think more new jobs will start opening up this spring.
Ken Goldstein
Consumer spending remains the mainstay of this weak economic recovery. With tax cuts enacted, the consumer is likely to continue hanging in there, ... But a real recovery, including a slowdown in layoffs and the opening of new jobs, is far more dependent on recovery in (business) investment than on stronger consumption growth.
Ken Goldstein
Given that we're at least a couple of months away from turnaround in the labor market, the fact that consumer confidence is not doing much worse than treading water is actually a good-news story.
Ken Goldstein
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