Seven percent is not an unreasonable estimate for GDP growth. Retail sales were strong, especially with the revisions. Consumer spending possibly grew 12 percent at an annual rate. That's really charging right along.
More Quotes from Kevin Logan:
They've changed their risk assessment that's a subtle shift, but it is a shift. If you believe that inflation pressures will mount, they're closer to, rather than further from, a policy move.Kevin Logan
The real story here is the (slower) growth of consumption in the quarter.
Kevin Logan
Oil prices will damage the economy in the sense that they're a large 'tax' on household income, meaning spending on non-energy goods will slow down, meaning there will be less production and employment in those areas.
Kevin Logan
It's a bit difficult to interpret the data because of revisions. It does appear that the export situation continues to get worse. Imports are flattening out, but exports are decreasing. And this will act as a drag on economic activity.
Kevin Logan
For the last few months or so sales seem to have flattened out. This may be the beginning of a sideways movement. The rise in short-term interest rates and higher prices tend to slow down the turnover of houses.
Kevin Logan
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Continuous eloquence wearies. Grandeur must be abandoned to be appreciated. Continuity in everything is unpleasant. Cold is agreeable, that we may get warm.
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