Everyone is all zeroed in on the consumer now, but the truth is that the consumer isn't the driver now. Confidence is picking up, but still at average levels. Wage growth is slow and the bulk of the tax cut is already in place. Finally, with all the debt people have taken out over the past several years the burden of paying monthly bills is leaving less for discretionary spending.
More Quotes from Ethan Harris:
Rising rates could have a tremendous impact on slowing consumer spending. Consumer spending has been about 6 percent, when adjusted for inflation. Rising rates could bring it down to 2 or 3 percent.Ethan Harris
The main thing holding back the economy in the past year and a half has been a lack of business confidence, and now we're seeing these surveys with a fairly optimistic take on the economy. The non-manufacturing survey certainly reflects the general increase in confidence, and that's a self-fulfilling thing.
Ethan Harris
It's the toughest weight class in the state, by far. Everyone here is so tough. There are just some studs in this weight class, so it's going to be the best man who comes through with the title.
Ethan Harris
A negative reading would be a noticeable headline. Some people will quickly discount it, say it's old news, but it could reawaken concern about the economy.
Ethan Harris
What we're looking for is evidence of the corporate side of the economy gaining confidence and making real commitments in its own spending. There, I'd say the news is at best mixed,
Ethan Harris
The markets are going to be a bit uncertain as to how to react, given that the Fed is waiting in the wings, ... They are all going to be looking ahead toward the FOMC meeting to see what the Fed's verdict is on the data rather than reacting as it comes out. They'll be sort of holding their breath.
Ethan Harris
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Based on Topics: Business & Commerce Quotes, Confidence Quotes, Debts Quotes, Past Quotes, Place Quotes, Tax Quotes, Truth QuotesBased on Keywords: zeroed
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