It will be a long time until anybody thinks the economy is stretched and can't produce enough to match demand. We could be dealing with it for all of 2004, certainly.
More Quotes from Steven Wieting:
September was a month where we thought there was a tremendous amount of weather impact,Steven Wieting
What's most important is that we've got demand and supply moving ahead fast enough that we're absorbing and creating jobs month in and month out -- that's not something to lament.
Steven Wieting
While we don't take monthly changes in employment too seriously, today's data were slightly stronger than expected on hiring, but slightly weaker on hours and utilization, thus providing a 'growth positive' outlook.
Steven Wieting
Friday's number is not going to make much of a difference for the outlook for the economy.
Steven Wieting
It's more of a victory lap. Literally a month ago people were arguing that prices would not stop going up. Now, data we would have killed for two years ago is seen as the end of the world. But alarmists on both sides of this thing have been shown to be wrong.
Steven Wieting
Freeing up less productive resources by accomplishing more with less is the entire basis for rising living standards. It shouldn't come as a surprise that stronger periods of economic growth have generally begun during periods of high unemployment, not low unemployment.
Steven Wieting
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