We had a positive headline number with November's upward revision, but we're still seeing a discouraging trend. Excluding auto sales, sales have gone from 0.8 to 0.3 to flat over October, November and December. So we're seeing growth mainly based on auto purchases. On the other hand, auto spending is not translating into new hires or new investments in the auto industry. And that's true across industries.
More Quotes from Lara Rhame:
We're not pricing in rate hikes any time soon, and today's data won't change that. Inflation is off the radar screen for policy makers.Lara Rhame
I think the employment situation is getting better, slowly, so I don't think it will cause the consumer to shut down. But job growth like this makes consumer spending that much more fragile, if some exogenous shock should hit.
Lara Rhame
The global perception is the U.S. has the most to lose if there's a war in Iraq. That's made the rest of the world averse to U.S. assets. Foreign investors are looking home again.
Lara Rhame
Interest rates are low, the stock market is higher, and we hear all this talk about a tax-cut package,
Lara Rhame
What this means is that business leaders are not convinced that strong sales numbers will be maintained on or at the same level.
Lara Rhame
The consumer is finally winding down, ... We've seen income growth slow somewhat, and we have enough headwinds building that we can make a strong case for spending slowing markedly.
Lara Rhame
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