Below is a chart and brief excerpt from today's Early Look written by Macro analyst Christian Drake.
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Labor gains over the coming month(s) will obviously be key in defining both the consumption and inflation outlook but the data procession remain mostly benign vis-à-vis our expectations: Continued improvement in Aggregate Private Sector Income growth associated with ongoing, large-scale payroll gains in combination with a savings deployment amplifier all stand in support of the continued renormalization in spending in the direction of Services while suggesting the Quad 2 consumer train is not set for imminent derailment. |
