The August stats on personal income and spending are out, and the numbers were right in line with expectations.
Income climbed by 0.4% while spending increased by 0.3%.
“A longer work week and higher average hourly earnings pointed to a pickup in private wages and salaries; and faster government hiring did the same for public sector earnings,” said UBS’s Sam Coffin.
“[W]e anticipate a sizable add from motor vehicles, reflecting the jump in unit sales,” said Citi’s Peter D’Antonio before the data release. “This suggests consumers still are comfortable buying big ticket discretionary items.”