Reports issued by the US Bureau of Economic Analysis, a branch of the Department of Commerce, revealed sluggishness in American spending and income levels at the consumer level. Three reports – Personal Spending, Personal Income, and the Core PCE Price Index – concur that US consumption is stagnating through the record hot summer months.
Personal spending stands out as the only indicator among the three to experience a contraction. Spending levels declined by approximately 0.2% in June. The other two reports each signaled a sluggish 0.1% growth, moderately below market forecasts. The news piles atop several other indicators of growing consumer pessimism which may lead the US dollar (USD) to make gains in the days ahead due to safe-haven asset purchases by global investors.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
