Recovery Is In The Details

- "A light data week provided a much needed respite from the overspinning of disappointing numbers in recent weeks. Recovery appears poised to slow but not falter. The latest business surveys, jobless claims and anecdotal consumer reports suggest moderate growth will continue, while the headlong retreat in risk appetite has paused."
- "Despite an uninspired jobs recovery, a decomposition of employment data shows some encouraging signs. In particular, some structurally damaged sectors may be stabilizing. Nonetheless, the wide disparity between rising profits and capex on one side and lackluster hiring on the other reinforces concern that policy-related uncertainty is delaying a healthier upturn in employment."
- "Headline weakness in retail sales belies relative strength in more comprehensive data on consumer spending. Discretionary consumer outlays continued to ramp up through May. Again in June, the dampening effects of lower gasoline prices and a continuing correction in building materials sales may mask expected gains in areas more directly linked to consumer spending. We expect a rise in core sales of 0.3% for June consistent with roughly 3% growth in real consumer outlays for the second quarter."
Citigroup Comments on Credit 20100709

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