Following June’s MoM decline in incomes, Americans saw a modest 0.4% bounce in July (better than expected). However, their spending grew less than expected (up 0.3% MoM vs 0.4% expectations).
However, real personal spending rose just 0.2% MoM in July (below expectations).
This sent the US personal savings rate down to just 3.5%, the lowest since December 2016.
This post was published at Zero Hedge on Aug 31, 2017.