Read the highlights of this week’s commentary from Helios:
August’s Personal Income & Spending data pointed to a slightly slowing consumer with spending increasing 0.4%, which was a bit higher than consensus though income grew 0.3%, the same rate as July, however, there were negative revisions to both wage growth and savings rates.
Durable goods orders dropped by 0.2% in August, following July’s -0.1%. Also, economic uncertainty and rapid rate hikes are softening intentions around business investment.
The Fed’s preferred measure of inflation, Personal Consumption Expenditures (PCE) price index, rose 0.3% in August, and PCE excluding food and energy rose 0.6%, exceeding economists’ expectations.
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