4 Things Worth Reading:
1 Data Summary:
- Personal income and outlays showed higher levels of spending and flattish levels in income growth. Personal income growth was 0% month over month while spending was up 0.4%. It’s no wonder that we’re beginning to see household debt levels growing again – the US consumer is obviously back to financing spending through debt. This is obviously sustainable for long periods of time, but also becomes problematic during a recession when cash flow growth slows and suddenly that debt can’t be serviced.
- Chicago PMI was 59.6 vs expectations of 59.5. That was down from the prior revised reading of 60.8. All in all, this is a solid report as new orders were up marginally and employment was down marginally.
1 Video Worth Watching:
Ray Dalio on ego, the monetary system and other stuff….