Strength in consumer spending is highlighted in today’s Personal Income & Outlays report, demonstrated by the PCE index, the Federal Reserve’s preferred inflation gauge, rose 0.2%, as did the core rate that strips out food and energy.
- The stock market reaction has been substantial and the DJIA is up 1.5% currently.
The final reading of the University of Michigan’s consumer-sentiment index in June was 98.2, slightly above May’s level of 98. The initial reading was 99.3. Economists expected a reading of 99.
The Chicago Purchasing Managers’ Business Barometer Index rose 1.4 points to what may be an overheated 64.1 that bested observer forecasts.
Have great weekend and a safe July 4th Holiday and look for the return of Don’s Notebook on July 9th.
