“This data supports the idea that payrolls will be strong again in August. At some point employers are going to cut back on hiring if they can't pass along these higher energy prices. The fact that claims are still so low suggests that's not happening yet.”
“Last week, chain-store sales came in pretty strong. But if you stripped out gasoline sales from Wal-Mart and Costco it really showed us that consumer spending had started to weaken on a fundamental level.”
“The consumer has finally been shaken. If folks are unsure what the future is looking like over the next few months, they tend to hunker down and sit on cash, and that's not a good start to the holiday shopping season.”
