Personal Income & Spending; Chicago NAPM PMI; Reuters University of Michigan Consumer Sentiment
Summary: Headline sez consumer holding the line with personal spending up... but neglects to mention...
only because of double digit stagflation, prices for staples are up too. The consumer has rolled over dead as real spending is flat.
Right next to the consumer, the economy rolls over to play dead...
Joining Richmond, Philly and NY, and validating ISM, Durables & GDP near zero, Chicago PMI goes under 50 into contraction.
As the FACT that we ARE in a recession...
becomes obvious to even the slowest dolt in the herd, John Q proves he isn't all that challenged, consumer sentiment hits a new 16 year low.
Personal Spending Jan +0.4% vs prior +0.2% Full Report
Inside the number: Personal Income Jan +0.3% vs prior +0.5%. Core PCE Inflation Jan +0.3% vs prior +0.2%.
2nd straight month, PCE in chained dollars at ZERO. Last five months, disposable personal income in chained dollars:
+0.1 vs +0.1 vs -0.4 vs -0.1 vs +0.1 = -0.2% can you say negative wage growth and a 15% dollar debauch, I can.
This report empirically exemplifies our raging double digit stagflation and demonstrates why the tapped out consumer cannot come to the rescue.
Chicago PMI Feb 44.5 vs prior 51.5 Full Report
Inside the number: Lowest level since 2001; under 50 reading indicates contraction.
This report shows the emasculated non durable economy rolling over to play dead, right next to the consumer.
Production 46.5 vs 51.3; New Orders 48.8 vs 44.7; Order Backlog 38.3 vs 48.0; Employment 33.5 vs 47.0; Supplier Deliveries 39.6 vs 61.7; Prices Paid 79.4 vs 81.7.
Mich Sentiment-Rev. Feb 70.8 vs prior 78.4 Chart Full Report
Inside the number: The Sentiment Index has fallen by nearly 30% since the January 2007 peak, the lowest since Feb 1992. Richard Curtain Survey Director:
“Past declines of this magnitude have always been associated with a subsequent recession.”
84% thought that the economy was already in decline, the highest level recorded since the recession in the early 1980's.
Year-ahead prospects for the economy were just as bleak as 68% expected bad times financially in the national economy...
a level only recorded in prior periods of recession.
only because of double digit stagflation, prices for staples are up too. The consumer has rolled over dead as real spending is flat.
Right next to the consumer, the economy rolls over to play dead...
Joining Richmond, Philly and NY, and validating ISM, Durables & GDP near zero, Chicago PMI goes under 50 into contraction.
As the FACT that we ARE in a recession...
becomes obvious to even the slowest dolt in the herd, John Q proves he isn't all that challenged, consumer sentiment hits a new 16 year low.
Personal Spending Jan +0.4% vs prior +0.2% Full Report
Inside the number: Personal Income Jan +0.3% vs prior +0.5%. Core PCE Inflation Jan +0.3% vs prior +0.2%.
2nd straight month, PCE in chained dollars at ZERO. Last five months, disposable personal income in chained dollars:
+0.1 vs +0.1 vs -0.4 vs -0.1 vs +0.1 = -0.2% can you say negative wage growth and a 15% dollar debauch, I can.
This report empirically exemplifies our raging double digit stagflation and demonstrates why the tapped out consumer cannot come to the rescue.
Chicago PMI Feb 44.5 vs prior 51.5 Full Report
Inside the number: Lowest level since 2001; under 50 reading indicates contraction.
This report shows the emasculated non durable economy rolling over to play dead, right next to the consumer.
Production 46.5 vs 51.3; New Orders 48.8 vs 44.7; Order Backlog 38.3 vs 48.0; Employment 33.5 vs 47.0; Supplier Deliveries 39.6 vs 61.7; Prices Paid 79.4 vs 81.7.
Mich Sentiment-Rev. Feb 70.8 vs prior 78.4 Chart Full Report
Inside the number: The Sentiment Index has fallen by nearly 30% since the January 2007 peak, the lowest since Feb 1992. Richard Curtain Survey Director:
“Past declines of this magnitude have always been associated with a subsequent recession.”
84% thought that the economy was already in decline, the highest level recorded since the recession in the early 1980's.
Year-ahead prospects for the economy were just as bleak as 68% expected bad times financially in the national economy...
a level only recorded in prior periods of recession.
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