Although higher interest rates appear to have begun to have a negative impact on housing activity and consumer spending, sturdy domestic demand and improving international economies have generated an acceleration in manufacturing activity.
More Quotes from Steven Wood:
While a portion of this strength is due to unseasonably mild winter weather, it is obvious that higher interest rates are, so far, having little dampening impact on construction.Steven Wood
This will help boost overall economic growth to above 4 percent our current (third-quarter) estimate is 4.5.
Steven Wood
These data indicate that inflationary pressures are largely confined to the energy sector of the economy. Moreover, because inflation is a lagging indicator of overall economic activity, the recent sharp slowing of economic growth should dampen inflation over the balance of the year.
Steven Wood
I wish I wasn't here. But the loss of Stephanie, Tony and Zoe is a loss that won't go away. Many people have asked me about my response to this event. They say 'you must hate these people,' but we don't.
Steven Wood
Nonetheless, while there still is forward momentum in manufacturing, it appears to be less robust than earlier in the year, ... These data add to the mosaic showing a still-strong but more slowly expanding factory sector good news for the Federal Reserve.
Steven Wood
There is a clear improving trend in orders which provides support for the recovering manufacturing sector, ... Although some of the inventory building that occurred was likely Y2K related and will be reversed in the new year, the acceleration of both shipments and backlogs suggests that the manufacturing recovery has substantial staying power.
Steven Wood
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