The retail figures ex-auto look pretty good. But what about consumer credit, not a particularly important economic indicator, because of the large disparity of predicted levels vs. what was reported $3.5b expected and -$4.0b reported) and the record that it set. I suspect a massive revision, but nobody will notice! ;-))

But let me take the opportunity to ask if you think consumer spending will continue to hold up the economy for the foreseeable future? Or are we in trouble if business spending doesn’t pick up?