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Americans’ Income & Spending Rose More Than Expected In July (Before Handouts Stopped)

Courtesy of ZeroHedge View original post here.

Analysts expected the trend of the last two months to continue in July with personal spending rebounding (though at a slower pace) and personal incomes shrinking back, but both surprised to the upside with a +0.4% MoM rise in incomes and +1.9% MoM jump in spending ( vs -0.2% and +1.6% respectively).

Source: Bloomberg

Incomes (thanks to govt transfers) are still up 8.2% YoY while spending remains down 2.8% YoY…

Source: Bloomberg

Private workers' pay fell less than government workers' pay in July on a YoY basis:

  • Private sector wages dropped -1.2% Y/Y, better than -2.7% last month

  • Government worker wages dropped -1.3%, better than -1.3% last month

Overall spending is back to Nov 2017 levels, but "V"-ing nicely off the 2012 lows…

Source: Bloomberg

Sending the savings rate lower (from 19.2% to 17.8%)…

Finally we note that The Fed's favorite inflation indicator – Core PCE Deflator – re-accelerated in July, but at 1.3% remains well below any old or new mandate-driven level…

Bear in mind that this data – from July – was before the big handouts all stopped!


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