Data Recap from Karim

Karim writes:

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).

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