We're finally getting consistently good news on the labor markets and even an occasional positive surprise like today's report. |
While improving consumer confidence probably suggests downside protection against a slump in spending, it does not suggest we will see spending take off. We still need a sustained improvement in the jobs market, including a significant decrease in unemployment with a solid increase in real wages. |
[The numbers reflect] a little bit of the unwinding of consumer spending, ... It's not all of that was unexpected, given the (weak) figures we had on retail sales. |