Some folks will be quick to jump on this morning's data as a sure sign that the next move by the Fed will be to cut interest rates. Such talk is still way too premature.
More Quotes from Mark Vitner:
I think it's going to be a bad month for retailers. The news was so horrific coming out of New Orleans that it made people not feel like going out to dinner.Mark Vitner
A very high proportion of that job growth is occurring in high-paying professions. This is a demand-driven market and demand vastly exceeds supply.
Mark Vitner
The labor market seems to be improving. It bolsters the case we've been making that the economic slowdown story is a little oversold. Clearly growth is moderating, but we're still likely to see some decent growth the second half of the year.
Mark Vitner
I truly believe that they would like to stop at 5 percent, but if we get a really strong number (for economic growth) in the first quarter it may be hard to do that.
Mark Vitner
It would create an awful mess in Florida, where the labor market is tight by any definition.
Mark Vitner
I don't think there's much doubt the Fed will raise rates by a quarter point each of the next three meetings. Even a really strong report probably won't cause them to raise rates by a half-point.
Mark Vitner
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