BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
Announced this morning, Personal Spending increased 0.6% in July, above forecasts. However, Personal Income in July increased just 0.1%, below forecasts. The monthly reading of the core Personal Consumption Expenditure (PCE) Deflator, a measure of inflation, increased 1.6% on an annual basis. Overall, continued low inflation and strong consumer spending even during the July period when the trade rhetoric has escalated. The economy is still growing, albeit at a slower pace per the 2% reading of second quarter GDP earlier this week, and should continue to grow as long as consumer spending remains strong. In all, bond yields are little changed, and futures are higher heading into the market open. Have a safe and happy Labor Day Weekend!
This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Forward‐looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.
