That's consistent with the idea that labor market conditions are not really improving yet. They're not getting worse, either, but they've only stabilized.
More Quotes from Peter Kretzmer:
The huge U.S. trade deficit may finally be stabilizing.Peter Kretzmer
It's a number consistent with a manufacturing sector that is strong, it strengthened a little bit in the month and I think growth continues to be moderate in the manufacturing sector, price pressures while still not obvious maybe are building a little bit you can see an increase in the price component to 55.1 that's indicative of some price pressure.
Peter Kretzmer
On balance, recent inflation reports have shown the Fed evidence of pipeline commodity price pressures but with little impact on consumer inflation trends,
Peter Kretzmer
We don't know if there is any meaning to the slowdown in these other categories. I wouldn't be too worried about it,
Peter Kretzmer
We don't have a lot of inflation.
Peter Kretzmer
The overall weaker GDP number coming from the trade data does give you a more bullish feeling on Treasuries,
Peter Kretzmer
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