Although the (Fed) will not be pleased with the sharp decline in productivity growth over the past year, they will view it as a cyclical phenomenon rather than a retreat from the productivity-led expansion of the past 5 years.
More Quotes from Steven Wood:
These data are consistent with still-strong domestic and improving international economic activity.Steven Wood
The data are consistent with a sharp adjustment in manufacturing activity in response to slowing demand, ... With inventories relatively high and new orders weak, factory activity is likely to remain weak.
Steven Wood
Retail sales have slowed over the last six months in response to the slower pace of job creation, higher rates, and increased volatility in the stock market. Indeed, in the past two years there has been tight relationship between the Nasdaq and retail spending, suggesting further spending weakness in coming months.
Steven Wood
The level of economic optimism is still quite high, especially given the continued sluggishness in the economy, rising joblessness, corporate profits warnings and equity market volatility.
Steven Wood
Huge swings in energy and motor vehicle prices have masked a sharp retreat in core producer inflation over the past 6 months.
Steven Wood
The Fed will need to cut interest rates further.
Steven Wood
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