David Kelly
David Kelly
Late Irish actor who audiences remember for playing Grandpa Joe on Charlie and the Chocolate Factory. He gained additional fame for his roles in Walking Ned, Stardust, Into the West, and The Jigsaw Man.
ProfessionMovie Actor
Date of Birth11 July 1929
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Nothing about what they said today is surprising -- they changed the minimum number of words (from their last statement). We're still waiting for confirmation (of a recovery in) the labor market.
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There's clearly a lack of interest in investing while the economy works through these Katrina issues, ... We need to get a clearer sense of when gasoline prices are going to come back to normal. When I talk to retail investors, a lot are frozen by the level of uncertainty those issues create.
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It generally takes a few months after GDP growth such as we saw in the third quarter before that turns into strong growth in employment.
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I fully expect that when the Fed decides to put an end to rate hikes they will give us notice,
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In many cases, people who've been laid off in manufacturing should not look to manufacturing to replace their jobs. It's not going to happen.
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All told, if the government response is swift, and if gasoline prices fall back relatively quickly, the economy should maintain most of the momentum it had.
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It's pretty tough if you run a retail business in Manhattan. I'm sure the guys on Fifth Ave will be feeling the pinch because of this to some extent.
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For example, we have all of these wireless carriers with overlapping systems, and that's clearly inefficient, ... Our living standards go up when we eliminate such inefficiencies.
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No matter how much gas is or how the stock market is doing, we always seem to do fairly well because of that dream people have. It just seems that that one dream just can't be denied.
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One of the biggest upward revisions was to investment spending on equipment, exactly the area we're worried about, ... That grew marginally, and that's the start of something.
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Reading the minutes carefully, I don't think it really changes my view or the market's view of where the Fed was.
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This elevated growth rate in the economy should prevent a replay of the jobless recovery. If we have two strong quarters of growth, then employment will start to show decent gains in the third quarter.
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What generally happens is, during the first year of economic expansion, we see more productivity growth than job growth, and that changes as you go into the second year. We may be on the cusp of that.
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We saw companies push up output strongly without increasing labor costs at all. As orders come in, they will have to increase their total employment. Unless economic growth slows very rapidly, the unemployment rate should begin to move down in the next few months.