Given the huge decline in consumer confidence, this (gain in spending) does not seem unreasonably weak, especially with consumers' real after-tax income growth slowing too.
More Quotes from Ian Shepherdson:
The bottom line is that a one-month decline in this measure does not reverse the clear, firm upward trend.Ian Shepherdson
Clearly, this report looks awful, but it does not presage any change in the underlying inflation environment, ... PPI is not driving Fed policy.
Ian Shepherdson
Clearly, there is no near-term inflation threat coming from the labor market. In short, great numbers, which will prompt yet more talk of miracles.
Ian Shepherdson
Looks to us like tax rebate money is being spent, ... Retailers should have a good autumn.
Ian Shepherdson
We have no real idea what the number next week will be, but we can be pretty sure that for the next few weeks the data will tell us next to nothing about the state of the economy across the country outside the areas hit by the storm.
Ian Shepherdson
If these declines were part of the normal economic cycle we would now call for a recession in the U.S., but they aren't. The index is responding to a shock, and we expect it quickly to rebound.
Ian Shepherdson
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Based on Topics: Confidence QuotesBased on Keywords: after-tax, unreasonably
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