While the data do offer a modest further argument for rate hikes, note that the gain in hourly wages slowed. Note also that, while aggregate hours picked up, they did not pick up as fast as GDP. We may se a reasonably good productivity gain, and correspondingly mild unit labor cost data, as a result. Note that recent public statements from Fed officials point to unit labor costs as the ultimate measure of whether labor market developments are driving inflation.
Such cheery news from Lord who guesses the recession will last only 4 years.
Right.
It will take that long to develop a world class bamboo housing industry on those low-lying states that will soon be under a couple of feet of water due to some geological disturbances. Yes, in the long term we have the export to China that we've been looking for: pre-manufactured housing and more rice.
See, I can be cheery too.
Just pointing out the graph begins in 2005. I really think we need to redefine recessions according to employment rather than output. That the last recession lasted 2 months shows how meaningless they have become anymore.
No excuse to dial back on the IR rises then.
Anyone care to place money on where they'll stop? (oh wait - lots have people have placed plenty of money that they'd already have stopped. Oooops.)
Madjock, Dr. Hamilton has an interesting post today on the yield curve
.
Best Wishes.
While the data do offer a modest further argument for rate hikes, note that the gain in hourly wages slowed. Note also that, while aggregate hours picked up, they did not pick up as fast as GDP. We may se a reasonably good productivity gain, and correspondingly mild unit labor cost data, as a result. Note that recent public statements from Fed officials point to unit labor costs as the ultimate measure of whether labor market developments are driving inflation.
I must admit to guessing about GDP, though.
sorry just don't buy the numbers they just don't feel right from what I see out in the world I travel in.
Interesting link, thanks for the new site .
St Louis Fed President says 5.25% target 'perfectly reasonable'.
tinyurl.co.uk - making links shorter for everyone!
Ok for a recession lasting four years I guess.
Such cheery news from Lord who guesses the recession will last only 4 years.
Right.
It will take that long to develop a world class bamboo housing industry on those low-lying states that will soon be under a couple of feet of water due to some geological disturbances. Yes, in the long term we have the export to China that we've been looking for: pre-manufactured housing and more rice.
See, I can be cheery too.
Just pointing out the graph begins in 2005. I really think we need to redefine recessions according to employment rather than output. That the last recession lasted 2 months shows how meaningless they have become anymore.