Weak Employment Data, Savings Out of Bullets

Personal income fell -2.7% in August.  Still, consumer spending rose 1.0% M/M.  What Gives? The economy is still very much an employment story.  While the official U3 unemployment rate fell to 7.9% from 8.4%, the underlying data was, simply put, “ugly!” “Excess” Savings Last week, I discussed the theory that the “excess” savings from the […]