We still see limited penetration into the rest of the economy. It's too early to say you're seeing pricing power to pass on the energy cost increases just because you saw just a jump in the core PPI number. The world has changed. In the old traditional world, whenever you had mature expansion, you had pricing power. Today with globalization, that's no longer the case.
More Quotes from Anthony Chan:
Even when people thought the economy would collapse because of the hurricane, it didn't.Anthony Chan
Yes, the published consensus estimate was higher, but that survey was compiled before the Chicago PM was released. After that number was released, many Wall Street investors feared that we could see a 47 or 48 reading for ISM.
Anthony Chan
When we see a change in payrolls that is dominated by a glitch in the seasonal factor, no change in average hourly earnings and only a small gain in the length in the average workweek, we know that the message is encouraging but not exhilarating,
Anthony Chan
Greenspan's testimony is good for the bond market ... because they realize the recovery is going to be gradual in nature, ... It's good for the equity market because the Fed won't stand in the way of recovery.
Anthony Chan
I haven't seen increases in the workweek strong enough to augur that all of a sudden employment is going to surge, ... If I had seen that in the past couple of months, I would be more optimistic.
Anthony Chan
The headline number is encouraging, but if you strip out the volatile components and look at core growth, it's telling you we're turning the corner, but we're not running around the corner.
Anthony Chan
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