Recall, last Friday, we were waiting for the second quarter GDP print to see if any of the Fed Heads at the Jackson Hole boondoggle would comment on what I expected to see, which was GDP falling to 1.5%…
Well… I should have booked a flight to Vegas on Friday, as I darn near hit the GDP downward revision bang on! The actual number, that is if you even believe that this number is really the “actual numberâ€?, was 1.6% for the second qurarter. But, I don't gamble, except for my annual World Series bet on the Cardinals, and an occasional neighborhood, nickel, dime poker game, so… I'll stick to writing…
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Personal Spending Outpaces Income
Well, the happy morning for the commodity currencies turned sour on the day, as the risk assets all got slapped around by the markets. The risk assets went sour after the personal income/spending data printed…
Say it ain't so, Joe!
Is this a case of “here we go again?�
Here's the skinny of what I'm talking about… Yesterday, personal income printed at 0.2 less than personal spending! So… Are we back to spending more than we make? I sure hope not… But, that sure seems to be the bill of fare here. I have to say that I'm not surprised that the US consumer continues to spend during the recession and labor depression that we have, for this is the main reason I've said that this will be the difference between Japan's multi-year deflation, and the US… However, I am surprised at how strong that spending is…
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