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Americans’ Income Growth Slumps To Weakest Since November

Courtesy of ZeroHedge. View original post here.

After last week's revised BLS data showed desperate Americans saving the least since the recession

It is perhaps no surprise that personal income growth ended in June (0.0% MoM) missing expectations and falling to its lowest level since November. Spending growth also slumped (has not been weaker since August).

Income was disappointingly unchanged in June, weaker than expected, while nominal spending was up 0.1%, as expected. Adjusted for inflation, spending was unchanged in June. Consumer spending was up 2.8% in Q2, as reported in the advance GDP report last Friday. Looking ahead, we expect Q3 real PCE to be up around 2.4% and estimate a 2.6% gain in Q3 GDP. PCE Price indexes continue to be below the Fed's 2% target.

Overall, real personal spending growth stalled…

All this weakness probably explains why stocks are soaring to record highs and why The Fed wants to keep hiking rates?


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