As long as housing prices don't go down, consumers have more equity they can borrow against. If mortgage rates go up another 1.25 or 1.5 percent and pierce 7 percent -- watch out. That's when the housing bubble bursts and consumers would cut back on spending a lot.
More Quotes from Peter Morici:
The reality is across sectors and across regions the picture is very mixed. The auto sector is not only troubled, but becoming more troubled,Peter Morici
This is part of a broader strategy to create greater certainty in pricing. Hopefully, dealers will abstain from playing games with add-ons and fees, and consumers will be more confident that they are getting a fair deal and the best deal when they bargain.
Peter Morici
The largest threat to the survival of the automobile industry in the United States are the UAW Union Auto Workers Union contract and the legacy costs of retired employees on the one hand, and the management team that grew up in a rather cushy era in which they enjoyed market dominance,
Peter Morici
Overall inflation is under control and should moderate as we move through the summer.
Peter Morici
Construction labor and construction materials will be at a premium because it's going to take so much to rebuild that area.
Peter Morici
Earnings of hourly workers have been falling for the last three years. Especially for the bottom 50 percent of the population, things have not been very good. But for the top 25 percent, real incomes have been going up rapidly. It's been caviar for the rich and cake for the rest.
Peter Morici
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