Dana Johnson
Dana Johnson
Dana Johnsonis an American writer and Associate Professor at the University of Southern California. Honors include the Flannery O'Connor Award for Short Fiction, and being named a nominee for the Hurston/Wright Legacy Award. Her writing has appeared in Callaloo, The Iowa Review, and elsewhere...
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There's excruciatingly slow improvement in the labor market and no reason for the Fed to withdraw any of its accommodation, given the lack of job growth.
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It was a very disappointing report. It clearly pushes the timing of a Fed tightening further into the future. We're now calling for a Fed rate hike in the fourth quarter of 2004 instead of in August.
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The next two years are going to be a real watershed for them. They absolutely must demonstrate they can stabilize their market share, because cost-cutting is not enough.
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That probably overstates the impact, just think of the army of people pouring into that region, and you see people spreading out across the country and getting jobs; it won't continue, I don't think those bottlenecks and shortages will continue. The broader concern is we have crude oil over $60 a barrel, which is the price even before Katrina was named, and that will have long-term effects on the economy, and I think that's a distinction that should be made.
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Campus climate is getting better, but it can always be improved,
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This report does not add to the case that there's a visible slowing in the economy. It keeps (the Fed) directly on path to tighten in May and leaves the debate on whether they will tighten in June certain to be a very lively one.
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This reminds me of the famous Sherlock Holmes mystery, where the dog that didn't bark was the key. It was what Greenspan didn't say more than what he did say that got the market excited. People were ready to hear a more upbeat reading on the economy than he gave.
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To me, the one-two punch of the breakthrough of health care issues (with GM and the UAW) and this makes me feel better about the economy overall,
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We did have a stumble. It was related a lot to the hurricanes, and it's very clear that the economy is bouncing back nicely in the first quarter.
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The reality is that many other people working in the auto industry are going to be asked to make painful adjustments, too, and a lot of people are going to say it's not worth it.
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People are awfully comfortable with the outlook for stable Fed (policy), so bonds trade with the stock market.
It hurts, but it's really not a devastating blow. At least not yet.
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I think the concern that was motivating the Fed (to lower interest rates ) is that it's going to shift to more Western hemisphere trade partners. I think the risk is it's going to broaden and deepen.
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It had little trains and teddy bears on it, ... It was cute.