The last week aside, we're still selling at exorbitant levels. It's just that in the make believe world of governmental economic statistical reporting, they are simply ignored. Imagine if they were actually counted as wages. If this were the case, wages increases would be nothing short of off the charts. Deep down inside, Greenspan isn't stupid.
Wages are up big.
Where we do see pressure is in prices. The prices paid component of the NAPM has been steadily creeping higher. Estimates for 1Q GDP continue to suggest some pretty big numbers. Today's revision for 4Q put us at the highest number in 16 years. A complete offset to Fed tightening.