The reaction to this data in the past would have been much more positive. These days only bad news is carrying weight.
More Quotes from Steven Wieting:
We saw a lot of healing going on in 2002, and nobody gives any credit to it.Steven Wieting
Consumption is growing, government outlays are growing and the third quarter will look very strong. But going forward, business spending is flat and decisions are being deferred. That can keep us weak for the near term -- neither contracting nor expanding.
Steven Wieting
Year-end financial markets can be difficult, and winter economic data is difficult to read, ... It makes more sense that December will be month they skip. You don't want to be raising rates into what can be an illiquid market.
Steven Wieting
There is no change in course, and markets have already priced in more action.
Steven Wieting
Business conditions are really slack. The latest rally in stocks doesn't change that.
Steven Wieting
The Labor Department gave guidance that workers held on payrolls would be counted as employed, even if they couldn't be on the job. Just assuming that everyone in New Orleans was out of a job was not the way to go.
Steven Wieting
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