Mark Vitner
Mark Vitner
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It (consumer sentiment) was a little higher than expected, but the stock market has come back, gasoline prices have come down, and the weather has been beautiful and that has to affect consumers somewhat.
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High gasoline prices gradually eat away at income. The effect isn't felt all at once. We have seen consumers change their behavior in recent months and there should be further changes if prices stay at these levels.
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A very high proportion of that job growth is occurring in high-paying professions. This is a demand-driven market and demand vastly exceeds supply.
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it's somewhat surprising how resilient the economy has been, despite higher energy prices.
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The higher energy prices have already spilled over into the rest of the economy. But it probably will not cause major problems for the economy.
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There was a huge sign of relief when the number came in above 100, and that's why the market rallied, ... There was a thought that the combination of rising interest rates and higher gas prices would knock it below 100.
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But pension accounting is awfully complicated and it's an awfully big company, so it's not surprising the markets would get a little spooked by it.
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It continues to defy all the expectations of doom in the housing market. Demand for housing still remains quite strong and this year will be a record year for single-family construction.
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A rebound in motor vehicle sales accounts for much of December's 0.7 percent rise in overall retail sales and is also responsible for much of November's upward revision.
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If we see an increase in rent we could really see inflation numbers pick up in a meaningful way.
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The federal response has been much larger than we thought it would be, ... And the money is being spent much more quickly.
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The relief money is coming in much faster than it has for any other natural disaster that I can remember. That should help minimize some of the hit on consumer spending,
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It gives the Fed a little more breathing room on interest rates, that's the most I can say.
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In the end, we can work this out. It is $200 billion in spending for a $12 trillion economy, ... It's just a matter of how we finance it, not whether or not we can afford to do it.