It certainly affects psychology, but if the job market starts growing, that effect is far more important to psychology than something that's happening half a world away.
The cooling U.S. housing sector should apply a dampener to consumer spending... but some of this could be offset by still-decent job growth.
The cooling US housing sector should apply a dampener to consumer spending as 2005-2006 unfolds, but some of this could be offset by still-decent job growth.
The cooling U.S. housing sector should apply a dampener to consumer spending as 2005-2006 unfolds, but some of this could be offset by still-decent job growth.
The cooling U.S. housing sector should apply a dampener to consumer spending ... but some of this could be offset by still-decent job growth.
Despite slowing job growth momentum, the Fed is going to pay attention to the diminishing slack (the 5 per cent unemployment rate could be as low as 4.8 per cent if not for the hurricanes) and the pickup in wage pressures,