Robert St Clair Dederick (27 September 1919 – 8 December 1983) was a South African poet. (wikipedia)
Corporate spending will be very critical in 2006, and it appears that businesses are stepping up to the plate.
There is no question that the fourth quarter was a bummer, even with that upward revision. Even if we blame temporary factors, it was a one-quarter bust.
The risks are on the downside, because Americans were hit hard by the dual shocks of major hurricanes and the bump in energy costs.
Stocks of unsold goods grew over the last three months, as production went up faster than sales. The oil situation remains iffy. So the question is whether consumers will bounce back, or whether we are headed for an additional period of subdued growth.
