The economic data from the US today doesn't paint a clear picture. Well, it does paint a picture but it doesn´t show which direction are some sectors of the US economy headed. About an hour ago the US income and spending numbers were published. The personal income remained the same at 0.2% for July, missing the expectations at 0.3%.
The personal spending remained the same as well at 0.4%, beating the expectations which implied that the growth in spending will decelerate to 0.3% a month. Disposable income and wages rose 0.3% in fact, which suggests that the of the executives and the big earners have remained flat or declined in July. Actually, we´re not that worried about them, they have enough cash stuffed under their mattresses.
101 here we come, next target is 100
The US vehicle sales are just being published right now. Nissan sales are up 1.2% against 3% expected. But, the General Motors (GM) sales declined by 1.9% against 1% expected and Ford sales declined by 3% against 0.5% which was the consensus. There are more US car manufacturers to publish their results soon but it doesn´t look so good. Let´s wait for the rest of the auto manufacturers to publish their sales data as the USD keeps getting battered.