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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