While we don't take monthly changes in employment too seriously, today's data were slightly stronger than expected on hiring, but slightly weaker on hours and utilization, thus providing a 'growth positive' outlook.
More Quotes from Steven Wieting:
We saw a lot of healing going on in 2002, and nobody gives any credit to it.Steven Wieting
Exports were flat for a second month running and that has been what is most broken in the trade picture.
Steven Wieting
Beneath the surface, production and inventory, here and abroad, are moving up faster than the rate of demand growth,
Steven Wieting
This is not entirely comforting but you'd need a lot more information than one month's PPI at the turn of the year to worry about inflation,
Steven Wieting
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.
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
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For this is our most perfect duty and yet least known to us by nature: Whatever we conceive or will should be joined with the good of our neighbor.
William Ames