Brian W. Abernethy, manager of research services for the firm, which specializes in investment property, was a little surprised by the timing of the Federal Reserve's move to lower interest rates, but not in the 50-basis point drop itself. He had expected it, although in the later part of this month. And, he says, there are rumors that another 50-basis point cut may be in the offing by the end of this month, "although we won't see any results from that for at least six months," Abernethy says.

Abernethy's greatest concern is with conflicting local economic reports regarding the rate of job growth in the county this year. Some say 40,000 new jobs will be created, while some revised reports call for 50,000 jobs. Based on lower earnings reported by some companies, combined with some large retailers like Home Base and Montgomery Wards going out of business, he believes that 40,000 number is the more likely figure.

Slower job growth, taken together with projected population growth of 40,000 people and higher housing costs for this year, make for less disposable income and, therefore, less taxable sales for retailers.