Patrick Fearon Coming Quotations

The housing starts figure coming in down 5.6 percent was weaker than expected and seems consistent with our thesis that the housing sector is moderating. The big decline in housing permits reinforces that idea.

This is consistent with our view that the housing market is likely to continue to moderate in the coming months. But ... home sales are historically pretty strong.

All kinds of indicators point to a very good report on April employment ... with jobless claims figures coming in where they are and the consumer confidence indicators ... all point to solid job creation.