Do not read too much into the weak January reading as the entire decline was due to the weather. |
Housing has peaked and from here it's only downhill. |
Housing has peaked, and from here it's only downhill. It's going to take some of the wind out of the sails of consumer spending, but it won't choke off consumption. |
If we see more pass through, more inflation, it could change the trajectory of the economy. |
Some see the widespread weakness outside transportation as discouraging. But orders are still running far above average given the last few months of increases. |
The job market is firm, the outlook for hiring remains firm and hourly wages will pick up. Wages will grow enough to keep consumer spending up. |
There's plenty of cash around to finance capital spending and hiring. It matches well with our view that capital goods orders and business spending will remain strong. |
We knew what to expect. |