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Sparse news - and mixed at that
By Evelina M. Tainer, Chief Economist, Econoday
Relatively few economic reports were released this week. August retail sales offered the most encouraging news, turning out stronger than expected and prompting many economists to ramp up their GDP forecasts for the third quarter. The most discouraging news came from the labor market as weekly new jobless claims jumped to their highest level in five months. The Federal Reserve's Beige Book of anecdotal evidence wasn't friendly either, detailing a soggy economic environment through the end of August. Fed Chairman Greenspan testified before the House Budget Committee this week, choosing not to mention economic conditions or monetary policy but commenting instead on government spending and fiscal discipline.
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