This report is certainly consistent with an economy that is trying to make a recovery, but a weak recovery. When you start to back out the volatile components, it's not all that weak. We're picking it up, but these numbers tell us the economy will come back slowly.
When the economy is booming and you want to hire new workers, you have to attract them with money. Today, all you have to offer is a job.
They (Fed policy makers) know at any point of the time they may need to administer CPR to this economy.
I think a 0.2 percent decline in economic growth due Katrina's impact on oil and the regional economy is a realistic assumption,