Steven Wood Indicate Quotations

Most measures of the labor market indicate that the degree of slack is slowly disappearing.

The signals in the manufacturing sector have become quite mixed. The diffusion indices suggest a slowing pace of growth while the factory and durable goods reports indicate an acceleration. In the past, when this type of divergence has occurred, the diffusion indices have usually been the better indicator.

These data indicate that the deterioration in the labor market has not been halted. Therefore, the slowing in the broad economy has likely not been halted either.

These data indicate that the economy is slowing quickly and may now actually be in recession.

These data indicate that the manufacturing sectors of the economy are still reeling from slowing demand and bloated inventories. Further declines in output are likely.

These data indicate that wholesale deliveries to retailers are falling quickly, responding to the slowing pace of retail sales. However, deliveries from manufacturers and imports have not slowed as sharply. Unless retail sales revive, wholesalers will continue to cut their orders from manufacturers and imports, maintaining the downward pressure on the factory sector.