I think the headline number is a bit misleading. It doesn't suggest that the economy is in trouble. Consumer durables production is looking solid, so it's looking like there's still going to be strong first quarter GDP growth.

Today's numbers show that consumers are not very optimistic about the economy. As a result, we will see consumer spending reduced until we see some relief on energy prices. If we don't get some relief, it looks like it will be a very weak holiday season.

It suggests the drag on the economy from the trade deficit in the third quarter will not be as great and could help revise up third-quarter GDP a bit,

Our members (are) unified around the fact that without workers who are presently here, our economy is in trouble.

Along with the rise in non-fuel import prices, this suggests the weaker dollar is taking competitive pressure off of businesses, giving them the extra pricing power they didn't have a couple of years ago.

These numbers are slightly dated, but they show that the inventory liquidation period is over, and that (the) drag on the economy is probably behind us.