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Consumer Income and Spending
Personal income spiked in October, picking up on the momentum that has been growing. Spending was revised for September, but it came in below expectations as savings edged back to 6.0%. This combination points to the potential of consumers to come to the rescue, a reminder that the hard-learned lessons of the Great Recession won’t fade quickly.
Moreover, I think the animal spirits that I have been seeing since the election will materialize in the November report. Note: retailers have been bullish with the current quarter guidance and seasonal hiring, with several even guiding for a stronger growth in 2017.
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