POST IRENE, THE WORLD LOOKS SUNNIER...FOR NOW
By Charles Payne, CEO & Principal Analyst
8/29/2011 9:51:09 AM Eastern Time
Personal Income and Spending
Personal income climbed 0.3% in July, which was in line with some estimates, and slightly below other consensus readings. On the other hand, personal spending surged by 0.8%, which is well above the 0.5% the Street expected. Spending came at the expense of savings, which tumbled to 5.0% from 5.5% month to month.
Friday sees the latest on employment, and it's one of those deals where the number could be miserable but also beat the Street. One thing for sure is our employment situation is dismal, especially among young adults and men of all ages. Only 48.8% of the youth (16 to 24) are employed, this is the lowest percentage ever, since this series has been kept. Back in 1969, more than 95% of men ages 24 to 55 worked; today, that number has plunged to 81.0%. So any kind of "positive" could move the market needle, although we need robust numbers to turn the country around.
Life, Liberty, & the Pursuit of Happiness
By Charles Payne, CEO & Principal Analyst
8/29/2011 9:51:09 AM Eastern Time
Personal Income and Spending
Personal income climbed 0.3% in July, which was in line with some estimates, and slightly below other consensus readings. On the other hand, personal spending surged by 0.8%, which is well above the 0.5% the Street expected. Spending came at the expense of savings, which tumbled to 5.0% from 5.5% month to month.
Life, Liberty, & the Pursuit of Happiness
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