It's all vehicle sales and gas. Chain-store sales were relatively strong during the month, suggesting consumers diverted their vehicle spending to other sectors. We also had a cold snap which prompted early spending on winter wear.
More Quotes from Diane Swonk:
As auto sales taper off, we'll see a reallocation of spending. A resolution of the Iraq situation will cause a relief rally and get companies to invest back into the business, ... Also, oil prices will plummet and that typically stimulates real income growth.Diane Swonk
Larry Summers is the economic conscience of Rubin. He is the economic half of that team. Rubin had market smarts and the political savvy Larry Summers was, in many ways, the economic mastermind here.
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What can the Fed do about WorldCom This is not an interest rate problem. This is not something they should be involved with, ... I'm sorry, Wall Street, but you can't look to the Fed to save you when they don't have the tools to save you on this one.
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It adds up on paper to look a lot better than what it feels to people, ... not as many people are sharing in the economic gains.
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We weren't running our heaters very much this winter and this would have the effect of slowing down production,
Diane Swonk
After the fireworks we've seen coming out of Washington on Friday and Monday, I think the Fed would like to be the least bit of news this week.
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