Firms in the past year have continued to invest in equipment and technology to improve productivity. And with good reason -- the cost of capital is below the cost of labor.
More Quotes from Wayne Ayers:
I think (Fed Chairman) Alan Greenspan has made it all but official, we'll get another rate cut in June, but my guess is a quarter point rate cut, principally because of what we're seeing on the inflation report. The CPI and PPI have been trending up over the last two years.Wayne Ayers
It's unclear what lower rates would do. If it's really true that productivity and structural changes are causing labor market weakness, it's not clear that another cut in rates would be helpful to the labor market.
Wayne Ayers
I think the Fed felt this was not the time to be cautious and conservative.
Wayne Ayers
This liquidation has been so sharp, so severe, not just in this last quarter, but over the past year, that even with a modest pickup in demand, production is almost bound to increase as we move through the balance of this year.
Wayne Ayers
Inventories are at rock-bottom levels -- even if economic growth slows in the fourth quarter, those inventories will have to be rebuilt, otherwise businesses risk losing business.
Wayne Ayers
Productivity growth helps keep inflation at bay and allows real incomes to grow, but it makes businesses even slower to hire than usual.
Wayne Ayers
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