We saw a lot of healing going on in 2002, and nobody gives any credit to it.
More Quotes from Steven Wieting:
This is not entirely comforting but you'd need a lot more information than one month's PPI at the turn of the year to worry about inflation,Steven Wieting
Exports were flat for a second month running and that has been what is most broken in the trade picture.
Steven Wieting
That kind of decline is a perfect fit with what we've seen in the household survey's measure of employment, ... if not in February, then in future benchmark revisions.
Steven Wieting
This is a fairly big negative, correlated to other unfortunate news, like weak financial markets, which have their own impact, ... So far it still looks like the economy is growing, but below trend.
Steven Wieting
It comes down to a political choice, ... whether this is the kind of thing where you happily wait and continue unemployment insurance in the hope that certain industries bounce back cyclically, or you accept the fact that certain job categories are gone for good.
Steven Wieting
Seeing a two-year low in confidence in the wake of Hurricane Katrina isn't that surprising. The news in the month of September has been terrible. The television coverage and the emotional impact of the story has a big effect on confidence in the short run. But spending has been inconsistent with these confidence numbers.
Steven Wieting
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