The bottom line is that a one-month decline in this measure does not reverse the clear, firm upward trend.
More Quotes from Ian Shepherdson:
Mr. Greenspan said next to nothing about the current economic situation in his testimony, ... does not sound to us like a signal he has changed his mind on the appropriateness of the current level of interest rates. The rest of the testimony was a clear and unambiguous plea to Congress not to abandon fiscal discipline.Ian Shepherdson
Our measure of core sales, which excludes autos, gas and food, rose a pitiful 0.1 percent, the worst performance since April and impossible to square with Mr. Greenspan's assertion last week that the economy is regaining traction.
Ian Shepherdson
Looks to us like tax rebate money is being spent, ... Retailers should have a good autumn.
Ian Shepherdson
Mr. Greenspan is at least partly to blame for the turnaround in the fiscal position here -- his musings on the problems of ever-increasing surpluses were a clear green light to Congress to cut taxes.
Ian Shepherdson
Both the unemployment rate and wages were stronger than consensus and they clearly make it very difficult for the Fed not to raise rates by a half percentage point.
Ian Shepherdson
This testimony did not give the impression that he is in a great hurry to cut rates immediately.
Ian Shepherdson
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