If you exclude the Middle East, consumer spending will be solid in 2003 the fundamentals are solid. But the Middle East does change the picture. When you start moving troops to the Middle East, that's scary. People react to that, and businesses do, too.
More Quotes from Delos Smith:
The uncertainty is there. It's dissipated, but it's just below the surface and can be rekindled. It plays a part in an economy full of very nervous people.Delos Smith
When it's as low as it was, it takes time to start turning it around. Today's report doesn't mean there's a boom, but it certainly is encouraging.
Delos Smith
It's a bad Christmas if you're a retailer. It's not a material Christmas. You can't forget this. I don't think the country can forget it.
Delos Smith
A lot of people don't read newspapers, and we don't have 24 hours a day of CNN, MSNBC and Fox just pounding you with war news.
Delos Smith
We're going to see people trimming their expenses here and there. They probably will not eat out as much or go to movies as often as they normally would. So restaurants and theaters are also vulnerable.
Delos Smith
The current average price of 1.90 a gallon is still about 40 cents higher than the level a year ago. So the effect of higher prices will be felt for some time.
Delos Smith
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