Companies are paying more compensation and getting less productivity growth.
More Quotes from Ethan Harris:
What happened is that initially the market breathed a sigh of relief when the storm was downgraded to a Category 4 and missed New Orleans, ... they are starting to look at the damage more seriously. We are seeing further upward pressure on oil prices. People are starting to think about the many aspects of the destruction here.Ethan Harris
I think we know corporate profit growth can't stay at the rate we've seen in recent quarters. They (employers) have been squeezing the work force pretty aggressively, squeezing productivity out of workers and holding the line on wages. It's a matter of how much corporate profits slow down.
Ethan Harris
We are going to get some follow-through, some hiring, but it will be slow. I don't see wage growth coming back in the next year.
Ethan Harris
We are obviously experiencing slower growth and the payroll numbers don't really reflect that yet, which is why they will be an important indicator. Companies have been cutting back the number of hours their workers put in and in some cases cutting back their workforce altogether, and that is what people will be looking for in the numbers.
Ethan Harris
The Fed has made it clear that it will take quite ugly news to get them to move in advance of any clarity around the Iraq situation. That means the March 18 meeting seems too early to expect a cut.
Ethan Harris
There's definitely going to be nervousness around the event and a kind of inertia. My wife has already asked me not to come into work that day.
Ethan Harris
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