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September 30
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NOTHING LIKE THE LAST CYCLE |
Late Summer Spending Pause. Wages Likely Understated; Mood Cautious & Volatile; This Winter: MOre Homeowners; More Homowners Face Higher Utilities bills; Cash-Out remains Low. More to Come?; no Credit bubble, Nor Permanent Shock as Most Debt fixed |
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September 27
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HANDOUT |
HANDOUT |
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September 20
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DATA MIXED BUT CONSUMER STILL OK |
Retail Sales Trends; Builder Surveys & HOusing Starts; Assets, Debt & Net Worth; Composition of New WOrth; Mod volatile; CPI vs PCE. Which is Correct?
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September 8
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WHAT HAS BEEN |
Data just now picking up previous employment-related declines; Unadjusted employment data not looking good; Benchmark jobs revision downward; Travel decline stopped, may be improving; 2015 Income & spending recovery impressive |
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