Delos Smith
Delos Smith
certainly consumer effect gas mean negative numbers prices retail sales seen weekly
We haven't yet seen the negative effect of gas prices on consumer spending. It's certainly not here in these numbers. That doesn't mean it's not there. Certainly the weekly retail sales numbers have been sluggish.
absolute consider economic gas good high misleading natural prices signs
I always consider excluding gas prices misleading -- it's an absolute requirement for most people. Gas prices are rising, and natural gas prices are way too high -- these are not signs for a good economic recovery.
gasoline higher impact prices
This is not a very pretty picture. The higher gasoline prices had more of an impact that most had expected.
average cents current effect felt gallon higher level price prices year
The current average price of $1.90 a gallon is still about 40 cents higher than the level a year ago. So the effect of higher prices will be felt for some time.
consumers economy eye front gas generally global happening jobs keeping prices remain terms
The economy is generally chugging along. From the consumers' perspective, jobs remain an important issue. Consumers will also be keeping an eye on gas prices and what happening on the global front in terms of terrorism.
consumers kept retailers
I think consumers are more cautious, and I think the retailers have kept inventories well under control.
job people promises seeing though
People are seeing we're not getting job growth, even though there have been a lot of promises of it. That's the key; for people to be satisfied, you have to have job growth.
extremely june numbers weakness weather
June numbers were extremely strong, which suggests May's weakness really was the weather -- that it was not just an excuse.
certainly low mean report start takes time turning
When it's as low as it was, it takes time to start turning it around. Today's report doesn't mean there's a boom, but it certainly is encouraging.
absolutely pressures price
There are absolutely no price pressures in our system.
consumer defensive nervous uncertain
You do have a defensive consumer. If the consumer is very nervous and uncertain about what is going to be happening, you don't know how they're going to react.
concerns darkness parts
There are parts of the world that are in darkness and that concerns me.
eat expenses movies normally people theaters
We're going to see people trimming their expenses here and there. They probably will not eat out as much or go to movies as often as they normally would. So restaurants and theaters are also vulnerable.
adjust consumers economic economy economy-and-economics growth mean view
We boosted economic growth in one quarter, but that doesn't mean it's sustainable. We still have a long-range view that the economy is changing, and consumers will have to adjust to it.