Greenspan's speech positioned the Fed to be able to go either way on raising interest rates at its next meeting. On the one hand it had very strong New-era tones about the strength of productivity growth. On the other hand, he repeated his concerns about the shortage of available labor. |
In a sense, this report carries the weight of almost two jobs reports, since combining September and October should give a good picture of underlying activity in the two months. |
The main event today is the October PPI report. |