(The data are) suggesting the decline we've seen in the dollar over the last couple of years is not having an impact. It suggests the dollar may still need to fall to help narrow the trade deficit. But there's a risk to higher inflation if it does.
Claims are still suggesting that the economy started the year with a strong employment situation.
The October home sales data were strong, but we are seeing more moderate price increases for new homes suggesting that the housing market is gradually cooling off.
I think the headline number is a bit misleading. It doesn't suggest that the economy is in trouble. Consumer durables production is looking solid, so it's looking like there's still going to be strong first quarter GDP growth.