Quote of note:

The Fed chairman emphasized that he was speaking for himself and not for the Federal Reserve board.

He should stop doing that. All we should hear from him is the official position.

Greenspan Says Economy Regained Traction
By Nell Henderson
Washington Post Staff Writer
Wednesday, September 8, 2004; 11:20 AM

But, "on the whole, the expansion has regained some traction," he said in prepared remarks, citing rebounds in consumer spending and housing starts and the continued growth in business investments in plants and equipment.

huh?

This is in the same article:

…August retail sales, for example, were disappointing for many chains, such as Wal-Mart, that market primarily to middle income households, while upscale stores such as Neiman Marcus thrived. Greenspan didn't mention auto sales, but General Motors and Ford Motor Co. have announced plans to cut production because their dealer lots are clogged with inventories. Intel Corp., the world's largest computer chip maker, and the drug store chain Rite Aid have lowered sales forecasts because of sluggish demand.

Job growth revived in August after essentially stalling the previous two months. But the gains in payroll jobs last month "were smaller than those of last spring," Greenspan said.