In particular, inventories are at 15-year lows, which is not consistent with a turning point in the economic cycle.
More Quotes from Richard Jerram:
It's the first positive reflection of the fact that over the past year there's been a turnaround in wages. People are happy to take their rising income and spend it.Richard Jerram
There is also the issue of debt forgiveness for some construction companies by banks,
Richard Jerram
It's really rather worrying that six weeks into the job, he still hasn't figured out the difference. It does suggest there's quite a nasty policy mistake coming our way and quite a nasty recession.
Richard Jerram
Price rises are gradually feeding down the production chain. This is starting to affect consumer prices and would make the exit from deflation more solid.
Richard Jerram
I think the real question is whether growth in 2001 is positive or negative. And the way things are going, it's looking increasingly likely there's going to be a negative number.
Richard Jerram
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