We can get all excited about a thousand [new claims] here or there, but this is stability. We're just about at the cusp of that point where we're not either adding or losing jobs. |
We just don't see the wage pressures and I think the bond market is so happy because that means there really isn't any threat of inflation out there. Remember all those terrible surprises we used to get on Fridays? It's about time the bond market got a good one. |
We should see an upward revision to fourth-quarter GDP based on this [trade] number. But whatever it does to the GDP, it does not suggest that we're starting on a big roar of strength. |
We're finding some footing, but the problem is, the job [numbers are] lagging. Even if we get [economic] growth, we're still going to see job losses. We're really at a very critical moment where we kind of have to start seeing a little bit of good news or the bad news starts piling up. |
We're growing vigorously, and I think that the bond market is right to be a little bit concerned about this. It's not the data we've gotten, but the data we didn't get. We didn't get a slowdown in the second quarter. That, I think, is going to make the Fed very nervous. |
What we're getting are increasing signs of caution on the part of consumer. You simply can't be in this society and read all the headlines about job losses going on without wondering if this is going to apply to you sometime. |
With profits in such a tailspin, I'm revising down my capital expenditure outlook for the next six to nine months, and (I see) almost zero job growth for rest of this year. |
You really don't want to do any sudden moves. The economy is doing really well. Why fix it? It doesn't need fixing. |