Personal Income and Outlays
The first of this morning’s two economic releases was August's Personal Income and Outlays report at 8:30 AM ET. It revealed income and spending both rose 0.4% when those readings were expected to rise 0.5%. They show consumers had more money to spend last month and did spend more than thought, making them a sign of economic strength and bad news for mortgage rates. However, since they fell short of expectations, we can actually put a good news label on them.