Anthony Chan
Anthony Chan
creation damage downtown estimates follow good indicate job lots means next percent plenty rebuilding work
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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Continuity is all but assured. The Fed has worked hard to win credibility and Greenspan is not going to throw it away in the final few months of his term.
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If we close the borders and have less undocumented workers, it would put some upward pressure on overall wages. It's no secret business will have to pay workers more money.
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People watching the Chinese trying to generate a soft landing think that, if it doesn't work in five minutes, it must not be working. We're not seeing immediate results, but I think it's incorrect to assume that, a year or a year and a-half from now, we're not going to see some of these effects. We will.
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We're starting to see the savings rate pick up from near historic levels, which is very encouraging. Though we don't expect Fed tightening to work overnight, we are starting to see some of the early results of the significant tightening we've seen to date.
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The decline in the length of the average work week ... tells us this leading employment indicator does not foreshadow any immediate end to this general pattern of weakness in the labor market.
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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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This is an exciting number, but it was warmer in November than usual. The warm weather is the equivalent of zero-percent financing on automobile sales. You're going to see this work itself off in months to come.
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Additionally, it was encouraging to see a small increase in the length of the work week, which usually serves as a leading indicator of future employment growth.
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All this stimulus is going to work, ... just not overnight. It's probably going to take a couple of quarters to work itself out.
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All the focus is on the core number. The Fed said yesterday that energy has not worked its way down to core consumer prices.
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What the Fed showed was that extraordinary circumstances require an extraordinary strategy. Not only are they moving rates to lows not seen since the early '60s, they're prepared to move them a lot lower.
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We will see more bad news on the employment front. We see unemployment going to 6.1 percent or 6.2 percent before it's over; no way are we going to see that coming down while we're creating so few jobs.
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These claims numbers confirm the notion that things may improve sometime in the future. The fact that we didn't go over 400,000 was very encouraging.