Mark Zandi
Mark Zandi
Mark Zandi is chief economist of Moody's Analytics, where he directs economic research. He is co-founder of Economy.com, which was acquired by Moody's Analytics in 2005. Prior to founding Economy.com, Zandi was a regional economist at Chase Econometrics...
NationalityAmerican
ProfessionEconomist
CountryUnited States of America
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We're back on track after the ill effects of the hurricanes. But it is also fair to conclude that global competition and corporate layoffs are weighing on job growth.
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We're getting job creation in healthcare and educational services. We've been getting that all along. It's demographically driven, it's funded by the government, and that's held up.
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Ultimately, if you err on the side of being dovish it will only come with more pain from slower growth. The hit to growth would be more substantial from higher inflation than from interest rate hikes.
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The potential for even higher energy prices is a risk to the economic outlook. The economy has digested the higher prices gracefully so far. But it can get a bit of indigestion if prices move higher.
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We are a very low-cost area in a very high-cost region. Housing values have risen here, but not nearly as much as in other parts of the country.
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The principal linkages between Japan and the U.S. global economies are trade, financial markets, and commodity markets.
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Workers are asking for bigger pay increases and they are getting them. The pendulum has swung decidedly in favor of workers.
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I think the Fed will get rid of the reference about what to do in the future. I think they will make the statement as plain vanilla as possible, and they won't try to send a strong signal one way or the other.
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This suggests that the economy has largely shrugged off the ill effects of the hurricanes. Christmas will turn out better than expected.