Ian Shepherdson Means Quotations

Only a few years ago, auto sales numbers, like those seen recently, would have automatically lead to expectations of higher prices, ... Now, increasing transparency in car prices, substantially due to the Internet, together with the automakers' ability to hold down unit labor costs, means that stronger sales do not necessarily lead to higher prices.

Only a few years ago, auto sales numbers like those seen recently would have automatically lead to expectations of higher prices, ... Now, increasing transparency in car prices, substantially due to the Internet, together with the automakers' ability to hold down unit labor costs, means that stronger sales do not necessarily lead to higher prices.

There is no clear steer on policy in this speech; analysts with different views will read it in different ways.  But we think the Fed chairman knows recovery is here; he just wants to be a bit cautious -- and in both directions, which means no more easing,

There is, in short, no sign that the housing market has turned down, ... The lack of supply of existing homes simply means that prices will rise more quickly -- and with mortgage rates at just over 8 percent, there won't be any slowdown in home sales anytime soon.

There is, in short, no sign that the housing market has turned down. The lack of supply of existing homes simply means that prices will rise more quickly -- and with mortgage rates at just over 8 percent, there won't be any slowdown in home sales anytime soon.

Auto sales did not fall as far as the unit sales numbers suggested. This means there'll probably be a catch-up -- downwards -- next month.

It now appears that the trend in jobless claims is stabilizing at about 400,000 per week, ... This is well above the trend level at this time last year, but it is no higher than in the spring. This means that layoffs are continuing at a rapid pace, but they are not accelerating.

It is still too early to call the end of the manufacturing slump because the stability of July output might be little more than a seasonal effect, ... this report probably means the worst is over.