- Despite “upbeat” economic data dampened by the March non-farm payrolls
- Feels the weaker labour market data is transitory, productivity may have recently “slumped”
- Too soon to say that the US economy is “out of the woods”
- Expects Q1 2012 GDP growth to be 2.25%
- Sees overall inflation “moderating” later in 2012
- 8.2% unemployment is still “unacceptably” high
- NY’s economic recovery is gaining some momentum
Let’s see what next month’s NFP reading comes in at, think unemployment is going to remain a problem for a few months yet.
