It's a good number, and shows the economy continues to move ahead. What's great is that it's broad-based growth. All the basic components are showing forward motion, which is bullish going forward.
More Quotes from John Silvia:
The evidence so far would suggest we're probably going to have a below-average employment gain in this recovery.John Silvia
The outlook accounting for Katrina suggests growth will slow in both the third and fourth quarter due to slower consumer spending.
John Silvia
They view the gasoline thing as temporary, and that's important because it didn't change their overall pace of spending. And that's a different kind of psychology. If it was a permanent increase in gasoline prices, then you would have expected consumers to make a more permanent adjustment downward in their spending and saving rate.
John Silvia
This good news supports the view of continued economic and employment gains with limited upside risk of rising interest rates.
John Silvia
We avoided the sticker shock from high heating bills in October because it was so warm. If it stays warm through Thanksgiving, we should have a good holiday shopping season.
John Silvia
What you're seeing is that inflation is rising, ... It's still at a low level, but you know what the trend is. The question to ask is, How much is too much At what point does the Fed say it's risen enough that we don't want it to go any higher That's the difficult question to answer.
John Silvia
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