Negative Numbers

While the economy grew strongly through 10/20, growth is quickly decelerating. In November, personal income declined 1.1%, savings rates continued falling, and personal spending declined 0.4%, with spending on durables down 1.7%, nondurables down 0.6%, and services off 0.2%. Spending on every major category except groceries fell, including autos, furniture, recreational goods, clothing, and gas. Such pervasive declines are unusual. Even star performer housing slipped. Negative December job growth, maybe.