While the drop in gasoline prices makes these sales figures look bad, it is of course good news for spending in real terms, which is what really counts.
More Quotes from Paul Ashworth:
It is not clear exactly why confidence is falling but it may have been dented by concerns over the cooling housing market. The contrast between the buoyancy of current economic conditions and caution over the future is now the sharpest since 911.Paul Ashworth
We previously feared growth could dip below 2 percent.
Paul Ashworth
The jump in import prices will fan the new-found fears of inflation in the markets and at the Fed.
Paul Ashworth
Since the order books at Boeing are bulging at the moment, with many of those orders coming from abroad, aircraft exports could continue to be a big positive for the trade deficit for some time to come,
Paul Ashworth
Such a rapid escalation in prices is sure to hit confidence and real spending hard.
Paul Ashworth
The bottom line is that a current account deficit of this unparalleled magnitude is unsustainable and there is no hope of it being resolved painlessly through higher exports alone. Instead it will require a big dollar depreciation alongside much weaker domestic demand for imports.
Paul Ashworth
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