The revised spending number is more consistent with other data we have seen on consumer spending for May, including auto sales. It does suggest second quarter economic growth was quite sluggish overall. But we already knew that. It probably doesn't change the outlook for the second half of the year.
More Quotes from Lynn Reaser:
Statistics do lag changes in the economy. I believe we will be migrating to one economy that will be a new economy as many companies that have been around for years embrace some of the newer technology.Lynn Reaser
But we do believe there is a light at the end of the tunnel.
Lynn Reaser
Overall inflation remains quite benign. Companies selling to consumers and businesses have limited pricing power.
Lynn Reaser
If a company is mute, they (investors) often sell because of the uncertainty. Go back and start looking at fundamentals.
Lynn Reaser
We have basically an optimal present economic situation, with solid growth and benign inflation.
Lynn Reaser
However, economists hope this is only a one-month spike. Productivity gains are still good and workers are not receiving large pay increases, ... Labor costs are still contained.
Lynn Reaser
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