Anthony Chan
Anthony Chan
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Preliminary estimates indicate 60 percent damage to downtown New Orleans. Plenty of cleanup work and rebuilding will follow in all the areas. That means over the next 12 months, there will be lots of job creation which is good for the economy.
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The terrible, devastating effects of hurricanes Katrina and Rita, when we see those things on TV, we know we don't feel as good about our country or even about ourselves.
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As the natural displacement from other consumption goods toward energy goods occurs with rises in energy prices, it is easy to conclude that our natural wealth and standard of living will inevitably decline.
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There's no question the recovery is taking longer than people thought. People thought the economy would pick up very quickly and that we would have a typical garden variety economic recovery. That's not the case, but the good news is it is a recovery. You can't ask for more than that.
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This report is good news because it says the labor market is turning the corner, but it's still not strong enough to declare victory.
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The good news is that if so many people are entering the labor force it must mean that they are perceiving an improvement in the economy's prospects, ... The bad news, however, is that if too many people become optimistic about their job prospects, then the unemployment rate will continue to push higher. And the higher unemployment rate does have a damaging impact on consumers. They see it and they think, 'I shouldn't be spending money.' That's one of reason the unemployment rate is so important. It's the one that drives what happens on main street.
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To the extent that consumer sentiment reacts to movements in the unemployment rate rather than the meager increase in non-farm payrolls, we have to take this ... report as delivering good news to the troops.
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There are a lot of good factors out there.
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Although it's not particularly good news for the housing market, the fact that you're seeing weakness here shows that monetary policy is working and the (Fed) would not have to blunt the economy with more hikes than the market has been anticipating.
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There's a very good likelihood we'll see the sector come back as rebuilding takes place and the economy starts to react to the huge stimulus in the pipeline.
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This is very good news. Workers may end up getting the purchasing power they've been lacking so far. While overall prices are still rising, we have good reason to believe energy prices will be going down.
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Anything that causes people to spend more time thinking about what they do will clearly have an impact on productivity. The good news is this is not a permanent situation -- these things have a way of clearing themselves up. But will it be completely inconsequential? I don't think so.
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The much stronger-than-expected durable goods number is significant because it comes on the heels of a sizable gain the previous month,
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This is actually a good report because it really tells us the economy is healthy.