US DATA: Aug Pers Income +0.5% (best gain since May09), PCE +0.4%, core
PCE Prices +0.1% for +1.4% YOY. Pvt wages +$26.1b vs +$25.7b July, but
govt wages -$5.2b as S&L govts furloughed workers and census contributed
just +$0.9b vs +$2.5b July. Proprietors’ income, rents, transfers gain
(boosted +$20.6b by resumption of unemploy benefits extension), but
income receipts -$11b as rates remain low. Savings rate was 5.8% vs 5.7%
July. Real PCE +0.2% MOM and Jul-Aug avg stands +1.65% SAAR above Q2,
pointing to a Q3 real GDP at perhaps more than +2%. So overall, this is
a slightly better than expected report.