It is hard to make the case that the inflation threat from import prices is serious. The trend is clearly not as good as in the recent past, but it is not bad enough to cause any problems on its own.
More Quotes from Ian Shepherdson:
If this is sustained we can be more hopeful the trade deficit will not rise further,Ian Shepherdson
The pattern in claims in recent months is strikingly similar to 1990 -- a long slow climb and then a sudden acceleration as layoffs accelerated,
Ian Shepherdson
There is a specific reference in February to 'the pace of policy moves at upcoming meetings ... would depend on incoming data', suggesting a degree of potential flexibility that was absent from the December minutes,
Ian Shepherdson
Looking forward, we think there is next to no chance these numbers mark the start of a real slowing in consumer spending. The markets will no doubt take comfort from the headlines, but it is temporary relief.
Ian Shepherdson
This report does not change the big picture, but it lifts the starting point for growth in both the first quarter and 2003 as a whole good news,
Ian Shepherdson
We expect a drop to 390,000 next week, but an even lower number cannot be ruled out,
Ian Shepherdson
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