While US personal incomes grew, as expected, at 0.3% MoM, Americans remained on a spending spree (up 0.6% MoM). For the 28th month in a row, YoY growth in spending outpaced incomes, sending the savings rate back down to just 2.8% – close to record lows.
Spending YoY is the highest since April 2017…
On the income side:
-
Private sector wages rose 4.9% YoY vs 5.0% in March
-
Government wages accelerated to +2.6% YoY, vs 2.5% in March
And at the end of all this, spending more than you’re making sent the savings rate back down near record lows…
via RSS https://ift.tt/2J0Ajif Tyler Durden