On the price deflator the numbers are a little bit stronger, so I am not as excited about that price number for GDP.
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Greenspan's testimony certainly raises the probability that the structure of any eventual stimulus plan passed by Congress will move closer to that favored by Democrats, a plan that has clearly been associated with lower revenue losses,Anthony Chan
Any time you have a situation like this it creates opportunities for companies to clean up their attics, and that means lowering estimates and partly, or completely, attributing it to Katrina.
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As the natural displacement from other consumption goods toward energy goods occurs with rises in energy prices, it is easy to conclude that our natural wealth and standard of living will inevitably decline.
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The terrible, devastating effects of hurricanes Katrina and Rita, when we see those things on TV, we know we don't feel as good about our country or even about ourselves.
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Essentially, the energy prices outlook offers almost a lose, lose scenario. Bad news for inflation if they rise and bad news for the economy if they rise too much.
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I think a seasonal factor is part of the issue here, but you can't discount it all. Look at what is happening with chain store sales. They've been pretty weak. Some of it (weak retail employment) is real.
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