Solid productivity gains are helping to restrain inflationary pressures. However, because the recent improvements are due to a dramatic reduction in work hours, they reflect the deep trouble the economy is in.
More Quotes from Steven Wood:
The numbers are consistent with a recovering manufacturing sector, with little indication of any slowdown in the post-Y2K period, ... For the FOMC, with few signs of slowing economic activity outside of housing, a rebounding manufacturing sector will keep the pressure on for higher rates.Steven Wood
The (Fed policy makers) will welcome this data as providing further confirmation that the slowing of economic growth in Q2 (the second quarter) has been extended into Q3,
Steven Wood
The January gain in construction spending was surprisingly weak given the recent strength in housing starts and unseasonably warm weather.
Steven Wood
The Fed will need to cut interest rates further.
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
Retail spending was much stronger than anticipated. Although some of these gains were due to post-hurricane spending, it appears that consumers are not yet ready to throw in the towel.
Steven Wood
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