Ian Shepherdson Reflect Quotations

It is impossible to tell how much of the drop simply reflects the inability of the seasonal adjustment to cope with the end of the auto retooling shutdowns, and how much is due to the underlying trend,

The headline reflects a 3.2 percent rise in gasoline prices. Natural gas and electricity prices were also much stronger than the PPI suggested. The good news is the 0.1 percent core, which supports the Fed's view that transitory factors have boosted inflation in recent months.

This increase reflects the upturn in the markets in recent weeks; any further gain in the near-term requires a further firming of stocks,

The renewed strength in home sales reflects lower mortgage rates; we expect rates to dip to a 14-month low this week. The housing rebound will ensure construction sector strength in the first quarter of 2001. No recession here.

This is slightly baffling, given that existing home sales have been strengthening, ... It may be a reflection of caution on the part of builders, who have been reluctant to keep pace with sales because of fear the market strength will not last.

This will doubtless shock the markets, and makes an October rate cut more likely, but it does not change the outlook for a near-term recovery, ... Falling employment, rising unemployment lag activity. These numbers reflect the second quarter economic stall.

The price index was up, ... This reflects the rise in oil prices and not much else, but that won't stop doom-mongers worrying about it. In short, the report shows manufacturing is still on track.

The rise in (confidence) is presumably a reflection of the rebound in stock prices and -- though to a lesser extent -- the further cuts in interest rates,

Most notable was the leap in the prices-paid index, ... this is simply a reflection of higher oil prices but it may not have been fully anticipated in the markets.