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To: GST who wrote (134111)	11/2/2001 12:43:48 PM
From: Oeconomicus	Read Replies (2) \| Respond to of 164684

Do you think November payrolls will shrink by as much as October? That was a rhetorical question, BTW. I know you do expect that. Maybe they will. Bob

To: GST who wrote (134111)	11/2/2001 3:30:41 PM
From: Glenn D. Rudolph	Respond to of 164684

The employment scene is being underestimated IMO -- and cosumer confidence is in the toilet.... the market is not just ignoring bad news -- it is ignoring the risks. But then Maybe I am making too much of it -- we will see GST, I suspect you are "making too much of it" but those are not quite the words I would use. I can say people are using the lower rates for both re-financing their homes and/or using their homes for loans to make various purchases. I believe may of the "high scale" retailers have panicked already and there was no reason to do so. The US consumer is use to getting want they want (within reason) and on a regular basis. It is my believe consumer spending will not stay weak for much longer taking the seasonality out of that of course. As for travel which you mentioned before, we have a very sick sector that will keep many things from re-bounding quickly.