Industrial activity is contracting across a broad set of industries, reflecting the declines in both consumer and business spending.
More Quotes from Steven Wood:
Consumer optimism climbed higher in December after soaring in November. This followed huge back-to-back declines in the aftermath of Hurricanes Katrina and Rita and the associated surge in energy prices.Steven Wood
Although these data were better than expected, job creation is still weak.
Steven Wood
The recent movements in the index suggest only moderate economic growth over the next 6 to 9 months.
Steven Wood
The level of economic optimism is still quite high, especially given the continued sluggishness in the economy, rising joblessness, corporate profits warnings and equity market volatility.
Steven Wood
While the auto sector appears to have corrected its inventory overhang, other sectors have not been nearly as successful, particularly high tech, ... As business sales slow, it will be even more difficult to bring inventories into line.
Steven Wood
Clearly, the best news on inflation is past. These data show that households were spending aggressively last year and that there is a great deal of spending momentum coming into 2000. The Fed needs to tighten now, and they will.
Steven Wood
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