Businesses quite simply haven't been able to pass on the higher unit labor costs to consumers, and have the prices stick without losing market share.
More Quotes from Mickey Levy:
The way to look at it is that demand is very strong and there is a slight moderation in the rate of growth.Mickey Levy
I'd say this doesn't provide any evidence for an interest rate move one way or the other.
Mickey Levy
Production and employment always follow demand, and we've seen a pickup in demand. I think this will translate into a better labor market in May or June. I know the employment reports have been disappointing lately, but be patient.
Mickey Levy
Particularly with the recent jump through energy costs, real wages have fallen behind a little bit. The financial markets are too quick to assume that higher wages result in inflation. That's not true at all.
Mickey Levy
He spoke in detail about some fairly complex issues. The broader plan is to conduct monetary policy based on rigorous economic analysis and hard thinking about the economic concepts that go into the conduct of monetary policy.
Mickey Levy
But what's been holding the markets back from jumping in more fully is the turnaround in corporate profits and cash flows, ... Secondly, it's just confidence that we're coming out of this recession and that product demand will be increasing.
Mickey Levy
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