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NEVER Trust An Economist!

J.J. Jackson* | September 19, 2006 

Predicting the economy is like predicting the weather as you can well see. Which is exactly why government should not meddle with it. Despite all of the scare mongering as of late about inflation on the rise and a possible depression we can see that it is often times better to work from reality and not fear.

Now if we can just get people to stop worrying about their fictitious “neighbors” who they are worried about not doing well even though they are we’ll be able to move forward.

Sept. 19 (Bloomberg) — Prices paid to U.S. producers rose less than forecast in August, and costs excluding food and energy fell by the most in three years, adding to evidence of a slowing in inflationary pressures.

The 0.1 percent increase in prices matched July’s rise, the Labor Department said today in Washington. Excluding food and energy costs, prices fell 0.4 percent, after a 0.3 percent drop the month before. The back-to-back monthly declines in core prices were the first since the end of 2002.

Today’s report and evidence of moderating inflation at the consumer level will probably allow Federal Reserve policy makers meeting tomorrow to hold the benchmark interest rate at 5.25 percent for a second straight month. Consumer prices rose in August at half the previous month’s pace, Labor Department reported Sept. 15.

“We’re seeing a marked turning point,” Scott Anderson, senior economist at Wells Fargo & Co. in Minneapolis, said before the report. The reports are “consistent with the Fed’s outlook of moderating inflation ahead. As long as inflation remains in the zone they’ve outlined, there’s no reason for the Fed not to pause.”

Producer prices rose 3.7 percent on a year-over-year basis in August, down from the 4.2 percent gain reported for July.
Economists’ Estimates

Economists expected producer prices to rise 0.3 percent, following July’s originally reported 0.1 percent gain, according to the median of 60 forecasts in a Bloomberg News survey.

Do the Right Thing: The People’s Economist Speaks (Hoover Institution Press Publication) (Book) Authors:Walter E. Williams, Hoover Institution Press Manufacturer:Hoover Institution Press Released:July, 1995

Applied Economics: Thinking Beyond Stage One (Book) Authors:Thomas Sowell Manufacturer:Basic Books Released:11 November, 2003

Contributor's website: http://www.libertyreborn.com




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