The weaker-than-expected housing number still leaves housing at a fairly high level of activity but will raise some eyebrows as markets worry about the (Federal Reserve) overshooting (with rate hikes).
More Quotes from Lara Rhame:
I don't see future hiring robust enough to alleviate a lot of concern on the part of consumers. We've stopped shedding jobs, but over the next two quarters, we won't see very much job growth.Lara Rhame
The manufacturing data certainly are positive, but the employment data specifically reinforce the notion that domestic growth is not going be enough to create many jobs.
Lara Rhame
We are seeing a slowdown, but we're not necessarily seeing a slow economy, ... The Fed is still going to be on alert for inflation, and we're going to have to wait and see more evidence before we can conclude that it isn't a threat.
Lara Rhame
Even if the Fed got very concerned about these headwinds -- business investment, consumer confidence, stock market frailty -- they'd be asking themselves if cutting another 25 basis points one-quarter percentage point would do any good whatsoever. That I seriously question.
Lara Rhame
We are still seeing some slack in the labor market, in several different places.
Lara Rhame
Today's report was a case of familiar culprits -- apparel prices continue to put downward pressure on inflation, and housing and medical care continue to put upward pressure on inflation.
Lara Rhame
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