It's very likely consumer spending will slow down significantly in coming months.

If job growth is just 50,000 a month, you can be sure that the unemployment rate is going to rise at some point in the coming months.

Coming after the energy shocks and Katrina, it's a remarkable spring-back. The economy seems to have an underlying resilience.

We are going to get some follow-through, some hiring, but it will be slow. I don't see wage growth coming back in the next year.

Eventually that will slow down the U.S. consumer. We've got the seeds of a slowdown coming out of the housing market, but it hasn't really had that much impact yet on the economy.