Worst Is Yet To Come: ISM Milwaukee 48.21, Exp. 53.00!!! Personal Income, Spending Miss; Employee Compensation Plunges, Consumer Sentiment Declines, Banks Set To Cut Q3 GDP Estimates
August 30th, 2013
Personal Income, Spending Miss; Employee Compensation Plunges
On the surface, today’s Personal Income and Savings data was not pretty: with Incomes and Spending both rising at 0.1% in July, both missed the expected growth rate of 0.2% and 0.3% respectively. This also meant that the US consumer’s savings rate was unchanged at 4.4% in the month, and the downtrend from recent highs continues as more and more of the savings buffer has to be depleted.