fbpx

nominal disposable personal income per capita

Incomes And The R-word

By |2019-04-29T18:16:34-04:00April 29th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The easy answer for “muted” inflation is consumers. Forget the unemployment rate debate. Let’s assume that labor markets are tight. Workers are scarce and companies have to compete, and pay up, to secure labor. Input costs are rising. That doesn’t necessarily guarantee an accelerating CPI or PCE Deflator. There is a final step in the Fed’s recovery process. Those labor-driven [...]

Not A Cycle; Weakness Produces Further Weakness No Matter How Confident

By |2017-05-30T17:29:06-04:00May 30th, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

If economists are hoping for more than signs of wage acceleration, revisions to the Personal Income data series are going to make it that much harder to justify still seeing them. Income was revised lower across-the-board. The base effect of oil prices that had been supporting “reflation” may have had the opposite effect on consumers. In common sense terms, consumers [...]

Go to Top