Mark Vitner Consumers Quotations

It (consumer sentiment) was a little higher than expected, but the stock market has come back, gasoline prices have come down, and the weather has been beautiful and that has to affect consumers somewhat.

It is important to look at what consumers are doing, not what they are saying,

While it seems counterintuitive, higher gasoline prices are actually helping restrain core inflation, ... With more money being spent for gasoline, consumers have fewer dollars left for discretionary purchases. The net result is that firms are slashing prices on everything from cars to beer in order to move product.

The more important figure (than confidence) for the economy is what consumers actually do. Consumers are not sitting on their wallets just yet. But that is about the only bright spot in this morning's report. With consumers concerned about both their stock portfolios and employment prospects, spending will likely rise a little less rapidly this fall.

Consumers are fairly worried about the economy. ... I think the holiday season is going to be ho-hum,

High gasoline prices gradually eat away at income. The effect isn't felt all at once. We have seen consumers change their behavior in recent months and there should be further changes if prices stay at these levels.

The leadership in the economy is going to shift from housing and consumers to businesses. There's nothing unusual about that. It's healthy.