Plosser, Charles

Employment growth  has been strong and that supports consumer spending.  However, the combined weakness in wealth… that is both housing wealth and stock market wealth… and some softness in employment growth seem to be suggesting that the robustness of consumer spending going forward may not be as healthy as we thought it was just a few months ago. So that’s the source of concern, and whether that spending and employment growth will continue to support consumer spending going forward.