Some of the conditions that have ripened the growth outlook at the start of 2006 are unlikely to last into spring. Abnormally warm weather boosted construction activity in December. ... Judging by a 46,000 gain in construction employment in January, the winter 2006 will go down as an unusually early and strong period for building activity.
More Quotes from Steven Wieting:
The reaction to this data in the past would have been much more positive. These days only bad news is carrying weight.Steven Wieting
We had unintentional inventory declines in the second and third quarters, which is what you would typically get in a recession. I think companies will need to build 50 billion per quarter in inventories, even if the demand growth rate is just 3.5 percent.
Steven Wieting
It's very unlikely for Fed to worry about month to month data changes, or even two months, as the markets do.
Steven Wieting
Year-end financial markets can be difficult, and winter economic data is difficult to read, ... It makes more sense that December will be month they skip. You don't want to be raising rates into what can be an illiquid market.
Steven Wieting
Friday's number is not going to make much of a difference for the outlook for the economy.
Steven Wieting
Consumption is growing, government outlays are growing and the third quarter will look very strong. But going forward, business spending is flat and decisions are being deferred. That can keep us weak for the near term -- neither contracting nor expanding.
Steven Wieting
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Based on Topics: Spring Quotes, Winter QuotesBased on Keywords: abnormally, ripened
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