Jan Hatzius Quotes

What matters for our well-being is the net output -- remember, depreciation charges are not available for consumption -- per person in the overall economy, not the gross output per hour worked in the non-farm business sector alone.

- Jan Hatzius

Tags

Matters | Output | Remember | Depreciation | Charges |

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The ratio of inventories to shipments rose a bit in the latest month. We have found movements in this ratio to be a good indicator of industrial activity. Just a straw in the wind at this point, but a possible indication of future moderation in the sector. - Jan Hatzius

While the official productivity data look impressive, alternative measures that are equally reasonable show a much more subdued picture. - Jan Hatzius

We will likely see some 'payback' for the blockbuster April report, which probably exaggerates the underlying job trend. (The latest) ISM index confirms that manufacturing employment has firmly entered contraction territory. - Jan Hatzius