Steven Wood Activity Quotations

Unseasonably mild weather in January, coming after unseasonably severe weather in December, generated a huge increase in housing starts. Moreover, February's weather is likely to generate a big decline in housing activity next month.

Less refinancing activity should dampen consumer spending -- although that has not yet occurred.

Labor markets are deteriorating rapidly. Layoffs remain at a fast pace, while hiring has all but stopped. As economic activity continues to unravel, there are few prospects for a near-term turnaround. The national unemployment rate, now at 4.9 percent, should breach 6 percent before the economy begins to recover.

Labor markets are deteriorating quickly in the wake of the terrorist attacks on September 11. The economy was quite weak before the attacks, which have accelerated the pace of layoffs. As layoffs spiral higher, hiring activity has stopped, giving a strong upward push to joblessness.

We still expect economic activity to slow over the next several quarters as consumer spending slows further and housing declines more because of higher interest rates and energy costs. The absence of inflation will be welcomed at the Federal Reserve.

With last week's Fed tightening, mortgage rates have continued to rise, so that further declines in housing activity are likely over the balance of the year. Nevertheless, robust labor markets and rising incomes have helped sustain housing at a relatively high level.

The sharp slowing in domestic demand has dramatically reduced imports. Weakening economic activity in our major trading partners has significantly reduced the foreign demand for American-made products.

These data suggest that a bottoming in economic activity is taking place, but that a bit more inventory adjustment is needed to insure a re-acceleration in growth.

These data suggest that a bottoming in economic activity is taking place, but a bit more inventory adjustment is needed to insure a re-acceleration in growth,

These data add to the growing evidence that economic activity has slowed and that any re-acceleration is likely to be short-lived.

The slowdown in manufacturing activity will be welcomed at the Federal Reserve, where any sign of economic slowing will be cheered.

Although manufacturing activity is still expanding, momentum in the manufacturing sector has clearly faded. This report confirms that the FOMC was correct in pausing their tightening cycle at last week's meeting.

Although home buying remains at relatively high levels, and though no longer robust, refinancing activity has slumped. Less refinancing activity should dampen consumer spending.

Although home buying remains at relatively high levels, although no longer robust, refinancing activity has slumped. Less refinancing activity should dampen consumer spending.

Although higher interest rates appear to have begun to have a negative impact on housing activity and consumer spending, sturdy domestic demand and improving international economies have generated an acceleration in manufacturing activity.

It is unlikely that the region is really an oasis of activity in an otherwise bleak manufacturing landscape.

Economic activity flattened out at the end of the summer, suggesting that the nascent recovery may have already been aborted.

Industrial activity is contracting across a broad set of industries, reflecting the declines in both consumer and business spending.

Housing activity remains quite robust despite the slowing economy, decline in jobs, and faltering stock market.

Housing-related activity has definitely slowed and its contributions to economic growth, both direct and indirect, will fade over the next couple of quarters.

The Committee is placing more weight on current data releases and, therefore, less weight on forecasts of economic activity and inflation. What I'm foreseeing is that the Fed is going to keep on tightening due to the economy being stronger in the first half of the year.

The deterioration in economic activity would argue for a more aggressive move, but the Fed has rarely moved by more than (half a point) during Greenspan's tenure,