Mark Vitner
Mark Vitner
building business consumer driven economy home shifting spending
We're shifting from an economy driven by consumer spending and home building to one driven by business investment.
account bad decisions far growth income influence news percent personal recent salary since spending tend wage wages weakness
The recent weakness in wage and salary growth is bad news for retailers, since wages and salaries, which account for more than 56 percent of personal income, tend to influence spending decisions far more than other income sources.
acceptable businesses consumer cooling curb economic falling growth months orders production reason recent risen spending
The No. 1 reason new orders and production are falling is that inventories have risen in recent months as consumer spending has slowed, ... Such a buildup was acceptable when economic growth was accelerating. Now that growth is cooling off, businesses will need to curb stockpiles.
both bright concerned consumers economy employment figure less likely rapidly rise sitting spending spot stock
The more important figure (than confidence) for the economy is what consumers actually do. Consumers are not sitting on their wallets just yet. But that is about the only bright spot in this morning's report. With consumers concerned about both their stock portfolios and employment prospects, spending will likely rise a little less rapidly this fall.
august due numbers rest solid spending
I think spending will be pretty solid the rest of the year. The August numbers will be important due to back-to-school sales.
afford billion economy-and-economics finance matter spending trillion whether work
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.
cost drive economy employment federal full government next progress spend visible whatever
The federal government is going to spend whatever they need to, to make some visible progress before next year's mid-term elections, ... And what that's going to do to an economy that's already at full employment is drive up the cost of cement, drive up the cost of steel, drive up the cost of labor.
fairly healthy home level percent sales year
When all is said and done, we should still have a fairly healthy level of new home sales this year -- probably up 4 to 5 percent for the year.
attracted greater portion
The same thing that has attracted retirees over the years is still there: the weather. You can do more things for a greater portion of the year.
coming expected gain job likely state states
The state is expected to gain 150,000 new residents this year, with two-thirds of the adults likely coming from other states for job opportunities.
awful create labor market mess tight
It would create an awful mess in Florida, where the labor market is tight by any definition.
anecdotal anywhere common common-sense core evidence inflation near
Anecdotal evidence and common sense suggests that core inflation has not been anywhere near this tame.
cause damage flood insurance lack likely recovery tend
Flood damage does not tend to be as insured. The lack of insurance is likely to cause the recovery to be delayed,
above below came gas higher huge interest knock market number prices rates relief rising sign
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.