These solid results suggest that the economy actually had a fair bit of momentum heading into 2003.

In London (the worst) probably is over. The London economy, in our estimates, declined at end of last year and has actually picked up since then, ... For the rest of the U.K., I think probably the worst period is the first half of this year.

There's still parts of the U.S. economy that need cooling out, particularly the housing sector and various areas, ... (but) the fear is that the disaster in Louisiana will pull down the economy.

The way the economy tends to slow down is in things that either we as individuals or businesses can push off into the future. Auto sales are slowing. That is [due to] individuals this time. We can wait to buy a new car. These announcements from the technology sector appear to imply that a lot of companies are saying we can wait a little while with our business spending.

It is nonsense to say that these areas do not contribute to the economy.

[The report indicates] consumer spending is gearing back, ... It is very much in line with sagging in consumer confidence in recent months. Although it does not suggest that consumer spending is falling apart, it is losing a lot of steam.