Steven Wood
Steven Wood
Steven Woodwas an Australian sprint canoeist and marathon canoeist who competed in the late 1980s and early 1990s. Competing in two Summer Olympics, he won a bronze medal in the K-4 1000 m event at Barcelona in 1992...
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Consumer optimism climbed higher in December after soaring in November. This followed huge back-to-back declines in the aftermath of Hurricanes Katrina and Rita and the associated surge in energy prices.
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Higher claims suggest slower job gains, which should dampen income growth, consumer spending, and overall economic activity.
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Slowing income gains and increased uncertainty have savaged consumer spending. This has removed the only major support for the economy, insuring the recession will last, at least, into early next year.
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Although home buying remains at relatively high levels, and though no longer robust, refinancing activity has slumped. Less refinancing activity should dampen consumer spending.
activity although buying consumer high home less longer relatively remains
Although home buying remains at relatively high levels, although no longer robust, refinancing activity has slumped. Less refinancing activity should dampen consumer spending.
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Although higher interest rates appear to have begun to have a negative impact on housing activity and consumer spending, sturdy domestic demand and improving international economies have generated an acceleration in manufacturing activity.
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Despite rising interest rates and higher energy costs, the consumer remains remarkably resilient.
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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.
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Households' economic attitudes have declined modestly over the last six months, ... But the level suggests consumers remain very optimistic about their personal financial condition.
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These data clearly show consumer attitudes at recessionary levels,
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The burden of higher interest rates will weigh down the housing industry further. This, in turn, should lead to moderated residential construction and home related consumer spending on goods such as furniture, appliances, and home improvement items in coming months.
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Industrial activity is contracting across a broad set of industries, reflecting the declines in both consumer and business spending.
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Importantly for the Fed, the pace of real consumer spending slowed in March, and combined with early forecasts for lower vehicle and retail sales for April, suggests there is some scope for slower growth in the second quarter,
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Housing fundamentals are deteriorating, ... Mortgage rates have been flat since the beginning of the year. Job creation and income growth has slowed. Equity markets have plunged over the past year. And consumer confidence has tumbled. Moreover, mortgage applications have trailed off. All of these suggest that home sales should weaken over the next several months.