The economy is going to be hit hard by Katrina, and it is going to be hardest on consumers who are already stretched thin. With the surge in gasoline and home heating oil prices, consumers will have a difficult choice to make between filling their gas tank or spending on other things.
More Quotes from Mark Zandi:
That's right where the Fed would like to see it, ... It would take a good year of that level of monthly growth before the job market tightens to the degree where inflation concerns would become more paramount.Mark Zandi
Consumers will see higher prices on coffee beverages and even chocolate if the raw supplies get backed up at the ports. In agricultural products, prices of cereals and breads could decline. If we can't export the wheat and grain, then the excess supply will have to be consumed domestically, pushing down prices.
Mark Zandi
Consumer spending growth will moderate, but it won't impede the current pace of economic expansion.
Mark Zandi
Part of the problem that all of tech is having with respect to jobs is they significantly over-hired during the boom times and to some degree the past few years has been payback for overaggressive hiring, ... But I think that process is largely over and we should see slightly better job growth in tech by this time next year.
Mark Zandi
A lot of things have to come together to make my forecast of a slowing current account deficit come true.
Mark Zandi
Yes. I don't think it would be appropriate at this point to raise taxes on anyone, certainly not in 2011.
Mark Zandi
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