Today's numbers show that consumers are not very optimistic about the economy. As a result, we will see consumer spending reduced until we see some relief on energy prices. If we don't get some relief, it looks like it will be a very weak holiday season.
More Quotes from Gary Thayer:
There's still a lot more inflation fear than there is inflation. There is still concern that the economy could generate inflation at some point but it still doesn't seem to be doing that. The Fed doesn't need to act more aggressively, but it doesn't mean that they won't.Gary Thayer
The bond market took the GDP number positively, ... It had expected stronger growth and some people may now be reminded that the Fed will not be quick to raise rates.
Gary Thayer
The employment component was just a tad lower than what we saw in November so it's still a healthy number.
Gary Thayer
These numbers show the economy is indeed in recession, and they leave the door open for the Fed to cut rates again.
Gary Thayer
If you put the two months together it still looks as if retail sales were strong at the beginning of the year -- an average increase of 0.8 percent for each of the two months.
Gary Thayer
The rise in the employment component, combined with the drop in new jobless claims reported earlier today, suggests that employment conditions remain good at the start of the year.
Gary Thayer
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