Lots of economic data this morning. None fall into the earthshaking category. But the general picture is positive. And that has helped stabilize stocks in New York. Economic Summary: Personal Income outpaces spending in May, Chicago PMI well above expectations
On the growth front: Personal income climbed 0.4% in May versus the 0.3% consensus among economists surveyed by Briefing.com. Personal spending rose 0.1%, in agreement with the 0.1% consensus. Consumer sentiment for June in the University of Michigan survey climbed to 95.1 from 94.5 in May.
On the inflation front: Personal Consumption Expenditures (PCE), the Fed’s preferred inflation measure, fell by 0.1% in May. The Core PCE rose just 0.1%. Economists surveyed by Briefing.com had projected that same 0.1% increase in inflation.
My overall conclusion: The market is looking at solid numbers on the growth side and weak inflation growth. If there is any conclusion to be drawn from one month’s numbers it’s that the Federal Reserve, looking at this data, won’t see any reason to rush ahead with another interest rate increase.