Yet, consumer spending rose "a strong 0.7% from December" which helped create much smaller inventory levels than a month before (25).
The authors argue that stock-level adjustment, productivity, and energy prices have all contributed to the economic slowdown. Still, the authors see a rosy scenario for the future because of the fact that these cyclical indicators and measure.
This year "Looser labor markets and lower energy prices are likely to relieve some of the cost pressures" (25). So, too, the Chairman of the Federal Reserve, Alan Greenspan, remains upbeat about the slowdown and the future productivity of the American economy.
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