What I Saw Last Week
Data on Income & Spending in the U.S. showed incomes rising by 0.3% in August (just blow my forecast for a rise of 0.4%) with spending up by 0.4% (just above my call for an increase of 0.3%). The personal savings rate dropped from 4.7% to 4.6%.
The big news in August was the modest decrease in the personal savings rate to 4.6%. A disappointing August retail sales report suggested that consumers were again holding off on spending in order to keep a higher savings rate bit this was not the case. While goods spending growth did slow in August to 0.4% – after increasing 0.7% in July – the softness was offset…
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