Overall, the labor market is improving, but progress is still slow,
More Quotes from Ian Shepherdson:
Our measure of core sales, which excludes autos, gas and food, rose a pitiful 0.1 percent, the worst performance since April and impossible to square with Mr. Greenspan's assertion last week that the economy is regaining traction.Ian Shepherdson
The switch is presumably to squash speculation that they are embarking on a new sequence of rate cuts, ... This is sensible -- they can always change their mind if they have to, but in the near term it will quiet the markets. It is also consistent with their medium-term view that the economy will indeed recover in the not-too-distant future.
Ian Shepherdson
The Fed is now explicitly conducting monetary policy with the aim of supporting stock prices,
Ian Shepherdson
While claims at 350,000 or so would not be a disaster, they would be consistent with (monthly) payrolls trending at only about 125,000 -- not enough to push the unemployment rate any lower.
Ian Shepherdson
This level of the ISM is not consistent with recession,
Ian Shepherdson
This report is stronger than it looks and is consistent with the industrial recovery gathering pace,
Ian Shepherdson
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