steve cochrane

That could give the housing market in California another year of life before it slows down.

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It sounds like it's too soon to write the obituary on the housing market. There's not enough clear evidence.

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The factors that have been supporting growth around the country, they're just not present in the Midwest. The turnaround's just been more prevalent on the coasts.

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These January numbers are strong. The fact that the number of unemployed persons is down to 7,400, on a seasonally adjusted basis, must be a new cyclical low. Its pretty remarkable that so few people are unemployed in the county.

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We've been saying for some time that if oil hits 70 a barrel, that puts the economy at a tipping point where if there were some other serious problems, we could fall into recession, ... they would leave the economy vulnerable to some other shock that might come along.

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This is not a home run. But it's pretty steady growth over the last six or seven months. If nothing else, it's a stable rate of growth that San Jose hasn't seen this in a long time.

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Huge amounts of grain from the Midwest get shipped out through New Orleans. If grain cannot get out through New Orleans, it could be lost if warehouses are flooded or ports close and barges are stuck in Mississippi. That could have a negative impact on farm income. It would be more costly to truck it to other locations.

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Right now, given the information that we've got, we've lowered our second-half projection on economic growth to 4, essentially shaving off half a point.

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