We still think that the growth rate will slow substantially in the fourth quarter, in part because the housing sector is softening which will tend to soften consumer spending as well. That is one factor that will probably help the Federal Reserve eventually conclude its monetary tightening cycle.
More Quotes from Patrick Fearon:
The numbers are still quite healthy, they're still well within the range you would expect in a period of high demand for labor.Patrick Fearon
The housing starts figure coming in down 5.6 percent was weaker than expected and seems consistent with our thesis that the housing sector is moderating. The big decline in housing permits reinforces that idea.
Patrick Fearon
That would support the idea that the Fed can stop raising rates soon.
Patrick Fearon
Manufacturing in broad terms is enjoying a very robust period even if certain sub-industries are struggling. It's probably another piece of evidence that the Fed could potentially be raising interest rates after the May 10 monetary policy meeting.
Patrick Fearon
Spending was up, a little weaker than expected... Nevertheless, the trend has been upward and it looks like the consumer is still in the ballgame in terms of supporting economic growth.
Patrick Fearon
Even though that was an 11,000 increase, you have to say claims remain relatively low and certainly in the range we would expect in a strong labor market.
Patrick Fearon
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