Nevertheless, differences of view remain, and I would like to say a few words about some of them today. The first area where there is always room for differences of view is on how to interpret the many individual pieces of economic data that come in virtually every day. How important is any particular statistic? Is it indicating strength or weakness?
Are there special factors that have to be taken into account before it can be interpreted? Does it have any implications for monetary policy? This “bottomup” approach is widely used and it means that there is almost daily discussion in the media and elsewhere of the current and future strength of the economy.