BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611 mbartlett@argenttrust.com
Announced this morning, consumer spending increased 0.2% for May, below expectations. Decreased spending on services, primarily utilities, was mostly to blame. Given consumer spending is approximately 70% of GDP, it can be an important indicator for economic growth. On the inflation side, core Personal Consumption Expenditures (PCE) excluding food and energy increased 0.2% for May and increased 2.0% on an annual basis, again near the level targeted by the Federal Reserve. In the months ahead, hopefully the Federal Reserve can maintain the delicate balance between economic growth and inflation as they continue with their planned interest rate increases. In all, equity futures are higher this morning heading into the market open.
This information has been prepared by Argent Trust to highlight issues which may be of interest to the recipient and is not intended as legal, investment or tax advice. You are urged to seek legal, tax and accounting counsel for your particular situation before acting on topics discussed here. At Argent Trust, we assist our clients in managing and enhancing their wealth. Please call us at 615.591.0044 with questions or to schedule a meeting. © 2018 Argent Financial.
