You can't sustain an economy driven only by motor vehicle purchases. We're looking for business spending to rise in order to be confident about the second leg of the expansion going forth and, with it, the duration of expansion.
More Quotes from Michael Niemira:
Part of the reason was that retailers built sales momentum by offering deep discounts leading up to Black Friday,Michael Niemira
All the worries - in terms of housing, interest rates, inflation, energy prices - are clearly at hand. But we haven't seen that worry turn into a dramatic pullback on the part of the consumer. We're seeing a moderately strong pace of sales for now, and that's the good news.
Michael Niemira
While retailers are pleased with (Christmas) performance, the holiday shopping season is far from over, since about 60 percent of gift-card redemptions occur between Dec. 26 and the end of January.
Michael Niemira
I think you have to read between the lines. In September, retailers say things are on- to above-plan, that's reassuring, even with easier comparisons for the industry. The tone will be important, particularly with some of the department stores. If you continue to hear below-plan sales, that would be worrisome.
Michael Niemira
It's an uncomfortable forecast to the extent that nothing else seems to be going the right way for the economy, and ultimately, how can that support a decent-to-okay kind of Christmas ... That's the question. Four percent is not aggressive, but it does suggest improvement over last year.
Michael Niemira
This past week, sales once again reflected the Easter shift and the shifting weather patterns across the country.
Michael Niemira
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