Economists from the IHS Global Insight research firm don't expect big results from President Obama's “jobs speech” before Congress last week.
"The president's plan itself was a bolder-than-expected attempt to inject fiscal stimulus into an ailing economy, but implementation is another question," officials said in a report issued over the weekend.
"We expect existing stimulus - the 2 percent payroll tax cut and emergency unemployment insurance benefits - to stay in place, but not much more than that."
IHS economists noted that there wasn't much time for Wall Street to react to Obama's speech on Thursday because of fresh economic woes whipping up in Europe.
The chief economist from the European Central Bank left, highlighting uneasiness in Germany over the bank's purchases of sovereign debt, the IHS report said. "Eurozone fears dominated the close of the week."
As for this week, stay tuned for multiple economic reports that could sway business leaders decisions to hire or fire more workers. IHS predicts that reports will say the following:
• Retail sales are expected to increase 0.3 percent in August.
• The producer price index is expected to rise 0.2 percent, the same as July.
• The consumer price index is expectd to rise 0.3 percent in August, a A BIT (smidgen) above the predicted 0.2 percent jump in core inflation rate.
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