Tracking the Economy
Dec. 9, 1991</br></br>Slow consumer spending and modest inflation probably extended their run last month, says Stephen S. Roach, senior economist at Morgan Stanley & Co. in New York.</br></br>Retail sales rose 0.2% in November, Mr. Roach estimates, a slight comeback from October's 0.1% decline. Car sales, although weak, held their own last month, and department store sales probably contributed to the gain in retail sales, he says.</br></br>Nonetheless, "you'd still have to characterize consumer buying patterns as relatively anemic. . . . Consumers have run for cover the past couple of months."</br></br>When consumers slow down, inflation usually moderates, too. Mr. Roach says.