Stephen Gallagher
Stephen Gallagher
Stephen Gallagheris an English writer...
changes concerns costs doubt fanning labor moving perspective seen unit view
Unit labor costs moving up is seen as fanning some of the Fed's concerns on inflation, but I doubt from the Fed's perspective that this changes their view very much,
impact increase looking picking reduced seeing underlying
We're seeing a reduced impact from the hurricanes and we're getting back to the underlying norm. We're looking for about an 80,000 increase in non-farm payrolls in October, and it's still picking up.
generate holiday level offer power pricing retailers terms
Retailers have no pricing power themselves, as evidenced by all the discounts they had to offer to generate holiday sales. In terms of volume, they succeeded, but not at the level of profitability they would have liked.
likely markets reduced result wider
Reduced liquidity in the markets is likely to result in a wider swap spread.