By early this year, however, the spillovers from the housing market correction onto other sectors of the economy began to show through more clearly; consumer  1  Paul Smith, David Wilcox, and Joyce Zickler, of the Board's staff contributed to the preparation of these remarks.
The views expressed are my own and do not necessarily represent the views of other members of the Board or the Federal Open Market Committee. BIS Review 64/2008  1  and business spending, which had slowed at the end of 2007, has remained on a shallow trajectory since then. In particular, spending on consumer goods, including new motor vehicles, has been soft.