Our analysis suggests the pace of consumer spending is likely to slow in the near-term future,
The fact that unemployment is getting worse is not a surprise. But the fact that it's deteriorating at this pace is a surprise.
It now looks as though the economy is continuing to gravitate towards a more gradual pace of economic growth.
Everybody knows energy prices are out of control. But to see the core number coming in line with expectations and the year-over-year figure actually declining tells me the Fed is back on plan to move at a gradual pace (of rate increases.)
The pace of average hourly earnings continues to rise at just a tepid pace leading me to believe that this overall report is a very monetary policy-friendly report.