In yet another government SNAFU, the US commerce department has released spending data prematurely. Instead of tomorrow morning, its website released the data at 1923ET.. and it is not good. Despite a 0.3% rise in November, thanks to downward revisions, the YoY growth in Spending was just 2.9%. May 2013 was the last time YoY growth was weaker than this and corresponds with spending weakness seen in each of the last 3 recessions.
The figure, which was to be made public Wednesday with the agency’s report on personal income and spending, was released early on the Bureau of Economic Analysis’ website
Personal consumption in Nov. rose to $12.43t, up 0.3% from a revised $12.39t in Oct.
That constitutes a 2.94% rise YoY...
Deep in recessionary territory.
Charts: Bloomberg