At best, people should prepare for no pay increase and no bonus, something they have been getting a lot of. At worst, they should be thinking they may need to change occupations.
More Quotes from Mark Zandi:
This suggests that the economy has largely shrugged off the ill effects of the hurricanes. Christmas will turn out better than expected.Mark Zandi
If my decision were based solely on economic considerations, I would tighten again. I think the economy won't be derailed by this. I think the economy is firm and they (Fed governors) can send a signal that things are as they were.
Mark Zandi
Once skittish businesses are turning into confident businesses that are willing and able to hire. I think the job market will improve further in the course of the coming year.
Mark Zandi
At a minimum, this will hit consumers' pocketbooksand perhaps their confidence. Before Katrina, Goldstein estimated that consumers' annual fuel bills this year would average about 250 more for gasoline and 400 more for home heating oil and natural gas than in 2004. Now he reckons those amounts will go up 30 percent to 75 percent. Costlier energy could adversely affect consumer spending, corporate profits and inflationor all three. We could be reaching a tipping point on consumer psychology, especially when people get their home heating bills, ... Those will be big.
Mark Zandi
There has been a global pick-up in inflation due to the surge in energy prices, and that gives cover for US manufacturers to lift their prices more aggressively. Central banks across the globe are tightening policy in fears that the surge in energy prices will infect inflation more broadly.
Mark Zandi
The economy is strong, and if history is a guide it should suggest inflationary pressures should develop, but they haven't. Given the crosscurrents in the economic inflation data, it will difficult for him to be clear-cut.
Mark Zandi
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