I think it's going to be a bad month for retailers. The news was so horrific coming out of New Orleans that it made people not feel like going out to dinner.
More Quotes from Mark Vitner:
The more important figure (than confidence) for the economy is what consumers actually do. Consumers are not sitting on their wallets just yet. But that is about the only bright spot in this morning's report. With consumers concerned about both their stock portfolios and employment prospects, spending will likely rise a little less rapidly this fall.Mark Vitner
Inflation at the end of the day is headed higher, it's just not going to happen that dramatically this year.
Mark Vitner
Back in late 2000 the Chicago PMI weakened a month ahead of the ISM survey. The weakness then also came quite unexpectedly and soon afterwards the Fed abruptly reversed course,
Mark Vitner
The debate about tax cuts shouldn't be whether they helped or not -- they clearly helped taxpayers. The debate should be whether we can afford them and whether they can lead to a sustained recovery in economy.
Mark Vitner
Corporate America is on the mend. The only downside of stronger productivity growth is that it means hiring is lagging. As far as downsides go, this is roughly the equivalent of eating your broccoli. It may be tough to stomach at first, but it makes you stronger and healthier in the long run.
Mark Vitner
I don't see any storm clouds on the economic horizon. We don't see any potential land mines or problem areas. Even an attack on the scale of 911 would not cause the economy to go into recession in the next two years.
Mark Vitner
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