Steven Wood Although Quotations

Less refinancing activity should dampen consumer spending -- although that has not yet occurred.

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.

Manufacturing is still mired in a deep recession. Although vehicle production has stepped up to try to maintain a low-cost financing induced sales explosion, the rest of the industrial sector is hurting badly.

Manufacturing is still mired in a deep recession, although the rate of decline may be slowing. The rapid adjustment in reducing inventories will eventually slow and ultimately reverse, giving the factory sector a lift.

There is a clear improving trend in orders which provides support for the recovering manufacturing sector, ... Although some of the inventory building that occurred was likely Y2K related and will be reversed in the new year, the acceleration of both shipments and backlogs suggests that the manufacturing recovery has substantial staying power.

There are a few tentative hints -- higher new orders, a drop in the inventory-to-sales ratio -- that the period of maximum weakness has likely passed. Although further declines in output are anticipated, the rate of decline should gradually diminish.

Although these data were better than expected, job creation is still weak.

Although the level of sales is still relatively high, the solid growth of the past three years has been arrested, helping the Fed's efforts to slow the pace of economic growth. However, mortgage rates have declined over the last six weeks, so further substantial weakness may not be forthcoming.

Although the fundamentals have deteriorated builders have been cautious, so there is no imbalance of unsold new homes. Therefore, as long as new home sales are maintained near current levels, housing construction can also continue near these levels.

Although the (Fed) will not be pleased with the sharp decline in productivity growth over the past year, they will view it as a cyclical phenomenon rather than a retreat from the productivity-led expansion of the past 5 years.

Although real consumer spending was strong it has slowed for two consecutive quarters and finished Q1 with very little momentum. In order to sustain recent strength in real consumer spending, job creation will need to accelerate further.

Although productivity is not likely to return to the supercharged pace of last year, it is likely to settle in comfortably above the 1.5 percent average pace during the 20 years before 1995.

Although mortgage rates have declined over the past three weeks, mortgage applications volumes have continued to fall. This is partially due to the flat yield curve and partially due to tighter lending standards by financial institutions.

Although manufacturing activity is still expanding, momentum in the manufacturing sector has clearly faded. This report confirms that the FOMC was correct in pausing their tightening cycle at last week's meeting.

Although inventory rebalancing is well underway, weak sales and elevated inventory-to-sales ratios will keep downward pressure on industrial production and manufacturing employment, ... This situation is unlikely to improve until spending accelerates.

Although housing should slow modestly over the balance of the year, it is unlikely to generate the major weakness typically associated with housing during an economic downturn.

Although home buying remains at relatively high levels, and though no longer robust, refinancing activity has slumped. Less refinancing activity should dampen consumer spending.

Although home buying remains at relatively high levels, although no longer robust, refinancing activity has slumped. Less refinancing activity should dampen consumer spending.

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.

Slower output and employment growth is dampening real income gains, which in turn is slowing spending, ... Although the monthly data continue to be quite volatile during this transition period, the underlying trends are unmistakable -- the economy is slowing from its torrid pace.

In the past year, ... the number of people receiving state benefits has increased by more than a million. Although the pace of layoffs has eased, job creation remains nonexistent.

However, the jump in new orders was too narrowly concentrated in civilian aircraft and defense orders to offer much more than modest encouragement. Although the worst may be over for the manufacturing sector, any recovery is likely to be sluggish.

The FOMC (Federal Open Market Committee, the Fed's policy-making arm) will look at these data as being benign, ... No change in interest rates is expected at next week's meeting although the committee will retain its bias toward tightening.