00:00Dana, were there any signs of bright spots in the latest Consumer Confidence Report?
00:05Well, consumers were still pretty optimistic about their current and future finances.
00:11Now, finances include not only your wages, but your benefits, also any assets you may have.
00:16And consumers are saying that that area is fine.
00:20And we think that's the case because, yes, many consumers are still working.
00:24Most people are working, the unemployment rate's very low.
00:26And anyone who owns assets have seen, yes, their asset valuations go up and down.
00:32But for the most part, they've been going up this year and recovering.
00:35So, Dana, if people still have jobs and they're optimistic about their finances, wouldn't that bode well for the broader economy?
00:45It should.
00:46But again, if you have higher inflation, either from tariffs or if the Strait of Hormuz is closed and gasoline prices spike, then consumers will probably pull back, even though they have the capacity to spend.
01:00So if you had to sum up how the consumer is doing right now, what would you say?
01:05Financially, the consumer is doing great.
01:09Most people are working.
01:10Wages are still rising at a very elevated clip relative to pre-pandemic.
01:15But they're very nervous and uncertain.
01:17And certainly that's going to weigh on their likelihood of spending.
