The retail sales number is perhaps more important than it would look at first sight. Since we're coming so close to the Christmas shopping season when most of the retail sales of the year happen, anything that represents a gauge of consumer sentiment and consumer buying patterns is going to be latched onto by the retail industry as an important indicator.
More Quotes from Bill Cheney:
We're not only stuck in a soft patch we're spinning our wheels. To get back to full employment, we need a lot more demand, and that's hard to see coming anytime soon from either domestic or international sources.Bill Cheney
It would be kind of like when they put through a substantial emergency rate cut when the market crashed in 1987. I don't think it is evidence of panic to treat what happened yesterday as an emergency. It's an emergency on many levels.
Bill Cheney
But you have to come back to the fact that another good month is another good month. And that is good news for the economic recovery.
Bill Cheney
There is still a big backlog to be made up before it feels like a tight job market. Clearly it's a tighter job market than it was a year ago, and if we continue to add a million jobs a quarter, we'll move in that direction. But I think it will take a little bit of time.
Bill Cheney
Job losses cut directly into the spending of the newly unemployed, and indirectly tend to have a very real impact on the confidence of those who are still working. If demand falls, firms will lay off more employees, and the downward spiral could put us over the edge into a bona fide recession before the Fed's actions can take effect.
Bill Cheney
Today's rate cut was no surprise. Even the half-point cut was more or less expected. In fact, the economy is still weak enough for the Fed to feel free to keep easing.
Bill Cheney
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