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August is over, phew!
By Evelina M. Tainer, Chief Economist, Econoday
Market players downplayed good news coming from the manufacturing sector (durable goods, NAPM-Chicago) along with continued strength in the housing market. Yet, they played up bad news from consumer confidence measures. It seems that market players would rather focus on the negative, even though analysts and even Fed Chairman Greenspan himself emphasize that consumer confidence does not equal retail sales.
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