Retail spending was much stronger than anticipated. Although some of these gains were due to post-hurricane spending, it appears that consumers are not yet ready to throw in the towel.
More Quotes from Steven Wood:
Leading indicators of job creation were generally favorable.Steven Wood
Manufacturing is mired in a deep, prolonged recession.
Steven Wood
Manufacturing is still mired in a deep recession. Although vehicle production has stepped up to try to maintain a low-cost financing induced sales explosion, the rest of the industrial sector is hurting badly.
Steven Wood
Bad economic times don't last forever and the U.S. economy is very vibrant. But at this point that is just pure forecast.
Steven Wood
Although inventory rebalancing is well underway, weak sales and elevated inventory-to-sales ratios will keep downward pressure on industrial production and manufacturing employment, ... This situation is unlikely to improve until spending accelerates.
Steven Wood
The numbers are consistent with a recovering manufacturing sector, with little indication of any slowdown in the post-Y2K period, ... For the FOMC, with few signs of slowing economic activity outside of housing, a rebounding manufacturing sector will keep the pressure on for higher rates.
Steven Wood
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