The economy has settled into a sustainable, self-reinforcing growth path, ... All major categories of the economy have contributed to economic growth. Now that businesses have begun to add to payrolls, the current expansion is self-reinforcing. Only external shocks, such as terrorist attacks or a surge in oil prices, could derail the recovery.
More Quotes from Sung Sohn:
Businesses are still awfully cautious about hiring. They used to hire in anticipation of increase in demand. Now they try to wait till the last minute.Sung Sohn
If oil goes to 50 a barrel, I think we're talking about 3 percent economic growth, rather than 4 percent growth, possibly. And the jobless rate could actually go up, not down, because the long-term potential economic growth rate is actually 3.5 percent -- we could actually be falling below potential.
Sung Sohn
I'm not bullish on the holiday shopping season, but I'm not as bearish as some people have been.
Sung Sohn
We've been able to have our cake and eat it too -- satisfy our demand for goods and services and at lower prices,
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I've spent the past couple of days in Washington, talking to people at the Federal Reserve and the White House Council of Economic Advisers, and this issue came up, ... The consensus seems to be that an unemployment rate representing full employment is somewhere between 5 and 5.5 percent.
Sung Sohn
How so many people went so far astray from the mainstream and were wrong is probably unprecedented,
Sung Sohn
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