By next summer we should start feeling a lot better about the state of our economy, that was the word today from Rick Mattoon, an economic adviser for the Federal Reserve Bank in Chicago. He spoke at a Rockford Chamber Event at Cliffbreakers.
Mattoon says our basic economy is strong, he points to strong employment numbers and corporate profit growth but yes certain sectors are weak namely the housing market which comes as no big surprise but he says the key is how much that weakness influences other areas of the economy.
Mattoon says he's keeping a close eye on holiday sales this year. Right now predictions are a weak housing market will translate into weak retail sales, if people don't view their home as a major asset they tend to spend less.