Personal Income and Spending Show Mixed Results
Today’s economic data is June data rather than July data, but it is still rather important because it pertains to the spending habits and income of Joe Public. Personal income rose by 0.5%, while spending came in flat. Bloomberg was…
It is always good to see personal income on the rise, but the lower spending only echoes what we have seen in slower and slower retail spending. It also shows more support for what we saw from Retail Metrics this week previewing the same-store sales trends looking very mixed. We are just not at the point where strong retail sales are dominating the tape.
We saw revisions to the prior report as well. Personal income was revised up by 0.1% to +0.3% and spending was revised down by 0.1% to -0.1%.
JON C. OGG
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
