Ian Shepherdson Rose Quotations

Our measure of core sales, which excludes autos, gas and food, rose a pitiful 0.1 percent, the worst performance since April and impossible to square with Mr. Greenspan's assertion last week that the economy is regaining traction,

The data suggest real consumers' spending rose marginally last month -- but we still expect only a 1.5 percent annualized increase in the fourth quarter,

The rise in oil prices was always likely to hit these numbers with a vengeance, and the petroleum deficit duly rose by $1.4 billion.

The surge in activity is a lagged response to the strength of new home sales, and with mortgage demand now well off its highs -- though still strong -- it probably can't last, ... But there is no reason to expect an immediate plunge, not least because permits rose again in February, for the fourth straight month.

Nominal spending was held down by a 0.4% energy-induced plunge in the PCE deflator, so real spending rose a hefty 0.7%. A rebound in auto sales after the awful October was largely responsible for this.