Steven Wieting
Steven Wieting
benchmark decline fit future household measure perfect seen
That kind of decline is a perfect fit with what we've seen in the household survey's measure of employment, ... if not in February, then in future benchmark revisions.
again coming economic good recovery seen
This kind of sequential recovery, this coming up from the base, has been as good as we've seen in any economic recovery at this stage, but again this is multiyear process,
arguing both data literally month people prices seen shown sides stop victory
It's more of a victory lap. Literally a month ago people were arguing that prices would not stop going up. Now, data we would have killed for two years ago is seen as the end of the world. But alarmists on both sides of this thing have been shown to be wrong.
damaging pace risk seen sign urgency
I don't' think we've seen any sign here that there is an urgency to risk damaging the pace of the upturn. Why rush, why panic?
demand employment growth heading labor seen stays strong towards year
If demand stays strong and productivity growth slows considerably, this could be a year that could be seen as heading towards traditional overheating of the labor market, with big employment gains,
basis broader fed future goes language managing market mean might nearly next points rates regarding week whether
Whether the Fed goes 25 or 50 basis points next week might mean something for managing market psychology, but it doesn't mean nearly as much for the broader economy. Their language regarding their future considerations on rates is what should matter.
ahead creating demand fast jobs month moving supply
What's most important is that we've got demand and supply moving ahead fast enough that we're absorbing and creating jobs month in and month out -- that's not something to lament.
again along benchmark change changes payroll picture question
Years from now, new benchmark revisions will come along and change the whole picture again -- which begs the question of how important these monthly payroll changes are. I think it's irresponsible to make too much of these reports.
continue drag economy higher larger oil prices summer
We're getting higher and higher oil prices each day and you'll continue to see a larger drag on the economy through the summer months.
fact hit june orders wall
The fact is orders just hit a wall in June and July.
activity building conditions early employment gain growth judging last outlook period start strong unlikely unusually warm weather winter
Some of the conditions that have ripened the growth outlook at the start of 2006 are unlikely to last into spring. Abnormally warm weather boosted construction activity in December. ... Judging by a 46,000 gain in construction employment in January, the winter 2006 will go down as an unusually early and strong period for building activity.
affects energy forecasts growth
I think energy affects us at every price. As we go marginally higher, growth forecasts get marginally weaker,
business continue cycle expansion expect fed fighting increased market policy somewhat successful visibility
We continue to expect a long, successful business cycle expansion amid well-known challenges. However, visibility has been somewhat reduced, and the Fed is not fighting off increased market expectations of policy tightening.
billion build companies declines demand growth inventory per quarter rate second third
We had unintentional inventory declines in the second and third quarters, which is what you would typically get in a recession. I think companies will need to build $50 billion per quarter in inventories, even if the demand growth rate is just 3.5 percent.