Personal Income and Spending Beat Estimates — and the Weather
Monday's economic reports targeted personal income and personal spending, but we would note that the markets are currently focused on Russian military action in the Ukraine. This morning's report also covers the month of January at a time when many more current readings have been out covering February data.
Personal income rose by 0.3%, yet spending rose by 0.4%. Weren't people supposed to be locked up in their houses due to extreme cold weather?
Bloomberg had estimates calling for a gain of 0.2% on income and a gain of 0.1% in spending. Dow Jones had estimates for a gain of 0.3% on income and 0.1% on spending.
With the markets focused on geopolitical issues, the summary is really all that is needed at this time.
S&P 500 futures are down 15 points and the DJIA futures are down about 120 points.
Filed under: Economy