The consumer numbers are certainly more important than normal.
More Quotes from Jan Hatzius:
I'm not sure which form it will take -- maybe a lengthy period of subdued consumer spending or something more violent than that. But it's clear to me that households cannot continue to save 3 percent of their disposable income and grow debt at 10 percent per year.Jan Hatzius
Economic growth will be pretty strong in the first half and then slow to below trend in the second half. It seems to me that the hurdle for going beyond 5 percent is still pretty high.
Jan Hatzius
The ... numbers feel surprisingly weak, compared with the recent macroeconomic news flow, ... The survey makes us more comfortable with the view that capital spending growth over the next few quarters will remain relatively moderate by the standards of past recoveries.
Jan Hatzius
At this point I would have expected more of a boost from lower oil prices. If you'd told me before the war that the military action would go as smoothly as it did and that Saddam Hussein didn't blow up his oil facilities, I would have thought oil prices would be lower.
Jan Hatzius
Income figures ... were surprisingly low for December given the strong gains reported for the fourth quarter on Friday and the likelihood that bonuses would have boosted December gains.
Jan Hatzius
While the official productivity data look impressive, alternative measures that are equally reasonable show a much more subdued picture.
Jan Hatzius
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