Wage Growth Remains ‘Pedestrian’: DealBook Briefing
From Shane Goldmacher, Maggie Haberman and Kate Kelly of the NYT:
“Everybody in New York is groaning,” said John Catsimatidis, a billionaire Republican who went to another of
Mr. Trump’s fund-raisers this month at The Pierre hotel in Manhattan, “and all of us have zero influence.”
The hit to New York City: Ken Moelis told Bloomberg
that the elimination of so-called SALT deductions could meaningfully shift business out of New York and to low-tax states like Florida and Texas.
By the time the Fed meets in March, we expect to see sub-4% unemployment, accompanied by a clear uptick in wages
and no softening in the payroll trend; we think Mr. Powell’s first meeting will bring a rate hike.”
Joseph Brusuelas, RSM US: “The bottom line from the November jobs report is
that the economy has shifted into third gear and investors and forward looking firm managers should anticipate a shift in policy in the new year that will bring rising policy rates, improved fixed business investment and strong household spending.
