Bill Cheney
Bill Cheney
cannot continue demand fact good growth happening jobs news translate workers
The good news for workers is that productivity growth cannot continue at this pace. Demand will translate into jobs very soon, and in fact I think it's happening right now.
fact future looks people prices
The fact that prices have come down makes people feel better and they think the future looks better.
dramatic explaining factors growth job looking piece prevent rather special
We're still looking at job growth, but not enough to prevent unemployment from rising. If there were no special factors explaining this, it would be a rather dramatic piece of news.
bottom consensus expecting fact less line number
The bottom line is, any number over 50 is encouraging. The fact that it's a little less than the consensus was expecting I don't think is that big of a deal.
fact falling given headline news number recovery signals volatility
Given the volatility of the report, I don't put a lot of credence in the forecasts. The headline number is the news and the fact that it went up signals that the recovery isn't falling apart.
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.