The July personal income and spending figures just hit the tape and they were roughly in line with expectations. Specifically, personal income was unchanged against a forecast of +0.1%. But the June decline was revised from -1.3% to -1.1%. Personal spending rose 0.2%, right in line with forecasts, and the June number was revised higher to +0.6% from +0.4%. The core PCE inflation gauge was up 0.1% on the month, in line with forecasts. The stock market had a slightly positive tone coming into this number, while the bond market was seeing some profit taking. These numbers haven’t changed much in the wake of the numbers.
July income 0%, spending +0.2%
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This is not a comment for this post. I have a question and i couldn’t figure out how where to ask. So Mike you are the expert in housing, would you care to speculate what would happen to the housing market if the economy turned to hyperinflation?
Income unchanged and spending up.
Sounds like bankrupt.