This is more than just a weather story. The beginning of the week was OK, but the fall off began on Friday. Sunday was particularly weak.
More Quotes from Michael Niemira:
Weather does matter more at certain times of the year than others.Michael Niemira
You can't sustain an economy driven only by motor vehicle purchases. We're looking for business spending to rise in order to be confident about the second leg of the expansion going forth and, with it, the duration of expansion.
Michael Niemira
We're not out of the woods on the gasoline front. And we are certainly not out of the woods on the broader energy front. We still have a second wave in the pipeline, which is home heating season expenses. And that comes about the time that the holiday season unfolds,
Michael Niemira
Last week's sharp decline in consumer confidence, as measured by the ABC NewsWashington Post Consumer Comfort Index, may have been a precursor of this week's spending drop.
Michael Niemira
My concern is that the luxury market has topped in terms of spending growth after a two-year upturn.
Michael Niemira
Until July, income growth has outpaced the added dollars spent on gas. But gas prices have risen much faster in August. Income growth still has to outpace the increase in gas prices to at least offset the negative effective on consumers.
Michael Niemira
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The real problem is arranging that experience in a way that tells a story, which is just incredible enough to be interesting, but credible enough to be believed.
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