They're only mediocre if you're a securities analyst, not if you're a real person, ... The successful retailers are opening stores like mad. That may steal sales from existing stores of their own as well as other retailers. But the overall pie is growing. I'm an economist I focus on the pie, I don't care how they slice it.
More Quotes from Mark Vitner:
Virtually all indices remain at solid levels. It's a very strong reading for manufacturing overall. The most disturbing thing is the prices paid which is almost at crisis levels.Mark Vitner
The federal response has been much larger than we thought it would be, ... And the money is being spent much more quickly.
Mark Vitner
Recent trends show the price pressures are well contained, with the exception of oil, ... The core CPI rose at just a 1.8 percent annual rate over the past three months, which is slightly below the 1.9 percent year-to-year gain. That means the core CPI is unlikely to accelerate in the next few months and allows the Fed to continue its policy of just gradually pushing up interest rates.
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
I truly believe that they would like to stop at 5 percent, but if we get a really strong number (for economic growth) in the first quarter it may be hard to do that.
Mark Vitner
It gives the Fed a little more breathing room on interest rates, that's the most I can say.
Mark Vitner
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