Despite the brief moderation in consumer attitudes, consumers appear to be spending heavily still, urged on by widespread hiring and income growth.
More Quotes from Steven Wood:
The trade figures are distorted by the effects of foreign re-insurance on the World Trade Center. Nevertheless, international trade is contracting.Steven Wood
Even as the pace of layoffs has ebbed, no new hiring is taking place, so continuing claims will rise even further and surpass their peak in the last recession. Labor market deterioration is continuing with no end in sight.
Steven Wood
Because of the dramatic shift in job advertising market share from newspapers to the Internet, the help-wanted index has lost much of its luster.
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The Fed will need to cut interest rates further.
Steven Wood
The strong historical relationship between the level of the help-wanted index and the year-on-year growth of payroll employment has broken down completely.
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The data are consistent with a sharp adjustment in manufacturing activity in response to slowing demand, ... With inventories relatively high and new orders weak, factory activity is likely to remain weak.
Steven Wood
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