The overall income numbers held up well for November despite the weak payroll number; momentum building for consumer spending; capex staged solid rebound
- Personal income up 0.3%
- Real disposable income (after inflation and taxes) up 0.2%
- Personal spending up 0.3% and up 3.8% last 3mths annualized
- Core PCE deflator 0.1% and 0.8% y/y
- Capital goods orders ex-aircraft and defense rebound 2.6%; prior month revised from -4.5% to -3.6%
- Initial claims drop 3k to 420k
Belgian Business Confidence survey chart attached-Considered a very good proxy for Euro-wide economic activity.
Interesting that unlike wobble after sovereign debt pressures picked up in May, activity has surged higher in Q4 (data just released was for December).