It was another week of shockingly negative economic reports, which you might think has Wall Street economists worried that the economy is running into something more than just a brief soft patch (their popular term of recent weeks).
But they mostly remain convinced that the problem is only temporary, that the economic reports are coming in worse than their forecasts only because they underestimated the effect the surge in energy and commodity prices would have on consumer spending, and the effect the Japanese earthquake would have on auto and technology production.
And they say those effects are only temporary.
Let?s hope they?re right, because the additional reports this week were awful.
They included that home prices are still declining; that pending home sales fell 11.6% in April to a 7-month low; that consumer confidence unexpectedly fell from 66 in April to 60.8 in May; that the ISM Manufacturing Index plunged
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