Bill Cheney
Bill Cheney
businesses competition cruel economic flat growth hard prices profits showing statistics wages year
Many businesses see statistics showing economic growth as a cruel joke. Competition is still brutal, wages are still rising, prices are still flat or falling, and profits are as hard to find as they were a year ago.
absolutely economic greenspan growth jobs perfect pulling seemed signs soft
This is a perfect jobs report. Job growth slowed significantly and there are absolutely no signs of inflation. Greenspan may be pulling off what once seemed impossible: two soft landings in one economic expansion.
clear cutting economic outlook stronger whatever
I think it is clear that, whatever the economic outlook was on Monday, the outlook is shakier now, and there are stronger arguments for cutting rates.
bark concern deficits economic far near record shows simply spark threat trade worse
Record or near-record trade deficits spark howls of concern about the threat posed to the economic expansion, but like inflation, the trade deficit's bark has been far worse than its bite. April's deficit, another near record, simply shows that we are still importing like there is no tomorrow.
economic fact good month news
But you have to come back to the fact that another good month is another good month. And that is good news for the economic recovery.
crashed cut emergency evidence happened market panic rate treat yesterday
It would be kind of like when they put through a substantial emergency rate cut when the market crashed in 1987. I don't think it is evidence of panic to treat what happened yesterday as an emergency. It's an emergency on many levels.
road worst
The worst is over. We're on the road to recovery.
cause cents continue ease economy growing healthy inch inflation less might pressures rate rise wages worry
The rise in wages of 6 cents might cause jitters, but wage inflation is less of a worry now, especially with productivity still growing at a healthy clip. As the economy slows, the unemployment rate will continue to inch up and wage pressures should ease further.
bit lighter perhaps
Perhaps Santa's sleigh was a bit lighter than we thought.
elf full operating workshop
Santa's workshop will be operating pretty much at full capacity. There just probably won't be much elf overtime.
clear evidence next recovery though time
Even though there probably is a recovery in the pipeline, there isn't going to be any clear evidence of it by the time we get around to the next meeting.
awful dropped force people pulled though waiting work
Even though it's improving, there's still an awful lot of people who dropped out of work force and are waiting to be pulled back in.
later lever monetary policy possible rates sooner
Sooner or later rates will have to come back up to at least a 'neutral' level. But for now they've got the monetary policy lever just about where they want it, and it makes sense to do as little as possible for as long as possible.
momentum quite
Everything else suggests quite a lot of momentum in the economy.