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Pastimes : All Clowns Must Be Destroyed
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To: patron_anejo_por_favor who wrote (33123)5/16/2000 9:07:00 AM
From: pater tenebrarum  Read Replies (3) of 42523
 
yep, i saw that...CPI came in baked just right...why am i not surprised? :)

btw, a recent small business survey showed small businesses raising prices between 3-4% for the second month in a row during April to counter ever faster rising input costs (they are of course only imagining the rising input costs).

it will be difficult to stop these price rises from rippling through the economy, as many small businesses are also forced to raise wages by 10% on average to compete for labor in the drum-tight labor market.

so we have rising labor costs, rising energy prices, and now prices for services have begun to march higher as well. the most important input cost components are on fire in short. in the meantime the government has stepped up spending, the banks have stepped up lending, and the Fed hasn't really curtailed money supply growth yet. in hindsight it will probably become clear that the latest PPI/CPI numbers were the 'outliers', not the March data.

productivity won't be able to keep growing fast enough to counter these pressures imo. once the hedonic pricing distortions are factored out, it isn't much to write home about anyway. the intellectual fallacy to equate a doubling of computer processing power with a doubling of productivity has made these data highly questionable. my contention remains that real productivity and GDP growth should be measurable in terms of real output and real dollars. the artificiality of hedonic pricing contributes no valuable information.
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