A broadly in-line-with-expectations print in US income and spending data (+0.4% MoM and +0.3% MoM respectively) hides a bigger problem for the consumption-driven US economy. For the first time since March, the savings rate increased as US consumers dared not spend above their means (up from 5.5% to 5.7%).
Year-over-year, US spending growth is slowing once again, despite a bounce in incomes…
Is this some oddly conservative behavior?
Pushing the savings rate higher for the first time since March…
This does not bode well for Q3 GDP for now with July off to a less exuiberant start.
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