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    MARKET EDGES

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Personal income ticks down materially in conjunction with a weak jobs report. But personal consumption does not. Instead, the personal savings rate (down 40bps to 3.4% -- the lowest rate since 8/08) acted as a buffer and allowed Americans to execute on its most consistent behavioral pattern – spend regardless of changes in the day to day Macro climate. This story does not have a pretty ending.

 HedgeyeRetail: Chart of the Day  - Piggy bank chart of the day