The dog that does not bark but packs a big bite: services in the U.S. economy

Remarks before the U.S.-China Business Council, the Coalition of Service Industries and the American Council of Life Insurers, Washington, D.C., May 14, 2007 ; "The service sector may not be as noisy or get as much analytical or political attention as the manufacturing sector, but it has a significant bite in terms of its impact on economic performance....As we seek to conduct monetary policy, we will have to develop new methods for determining exactly how the service sector's bite affects the business cycle and economic behavior."