BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611 mbartlett@argenttrust.com
Announced this morning, personal spending rose 0.4% in July as expected, while personal income increased 0.3%, slightly lower than expected. Both figures show the consumer remains strong and should continue to support economic growth. Meanwhile, inflation measures remain at the high end of the acceptable range for the Federal Reserve. The US Personal Consumption Expenditures (PCE) deflator increased 0.1% for July and has increased 2.3% on an annual basis. The core PCE deflator, which excludes food and energy, increased 0.2% in July and is up 2.0% on an annual basis. Both increased as expected, which means the Federal Reserve likely remains on track with measured interest rate increases in the months ahead, as stated by chair Jerome Powell last week. In all, equity futures are lower 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.
