Economist John McDevitt On the Economy (35:40)
August 31, 2006—John McDevitt, former 3M corporate economist, discusses the housing sector, its affect on GDP numbers and his expectations for activity in the remainder of the year and 2007. McDevitt also looks at the consumer, and interprets the recent consumer confidence numbers as he discusses his expectations for consumer spending in the second half of 2006 as well as inflation pressures and Federal Reserve actions for the remainder of the year. Also discussed are the upcoming unemployment report and his forecast for the remainder of 2006 and for 2007.