It's a very volatile component that should come back in the fist quarter. It's a weak report, but it's not quite as God-awful as the headline numbers make it look.
More Quotes from Mike Cloherty:
In all their recent speeches, Fed officials certainly haven't given up any flexibility at all. For them to do something where they give up a tremendous amount of flexibility would be a big surprise.Mike Cloherty
Heavily unionized industries have a much higher filing rate because the union does all the paperwork for you and lets you know how the system works.
Mike Cloherty
That ex-auto number is really what's been pushing the market back today. That could force some more upward revisions to the third quarter GDP forecast.
Mike Cloherty
We'll get a big upward push from tobacco and from energy prices, and we'll see the same type of things when the CPI comes out next Tuesday.
Mike Cloherty
People assume that because the flow of information is faster, the results will be faster.
Mike Cloherty
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What is my message? That is what troubles me. I have not got a message.
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