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Personal Spending Misses Expectations By Most Since January, Income Juiced By Government Handouts

While the headline spending and income data consists of marginal moves, personal spending missed expectations by the largest amount since the dismal weather-strewn days of January. Consumption rose 0.3% in July, less than the 0.4% expectation and flat from the 0.3% June print. Income rose 0.4% - in line with expectations - ticking up YoY to 4.3% 0 juiced by a $13 billion government transfer receipts print - the most since March. The savings rate ticked up once again as those darned consumers refuse to spend as the elite demand.

 

 

Spending missed hopeful expectations by the most since January...

 

With YoY changes echoing the pre-collapse pathway...

 

And aggregated:

 

As the savings rate ticked up once again from 4.7% to 4.9%, matching the March 2009 level,  and hardly indicative of a consumer who is willing to "charge" everything.

 

Finally, disposable personal income per capita: at just why of $38,000 it is up a whopping $2000 from the December 2007 level.