Retail sales are lower excluding automobile purchases. Industrial production is down. Unemployment reported -114,000 jobs last week. The housing slump continues and subprime loan exposure is affecting corporate finances and profits. Consumer sentiment (attitudes and expectations concerning both present and future economic conditions of 500 consumers) remains at its lowest level this year. Waning consumer confidence along with the results mentioned above point to a slowing economy and an almost assured .25 point Fed rate cut at there next meeting. All of this in conjunction with $80 oil suggest that the economy will continue to slow for the near term.
