US DATA: Nov Pers Income +0.1%, PCE +0.1%, Core PCE prices +0.1% for
+1.7% YOY, worse than expected. Real PCE +0.2% (reason is goods prices
were -0.2%) after +0.2% in Oct, suggesting consumption gained in Q4. Pvt
wages -$7.1b (mfg & services pay fell) vs an outsized +$37.2b in Oct,
and rents, transfers and income receipts rose. Proprietors’ income fell
again. Savings weakened but savings rate was a decent 3.5%. Dec should
see more buying if wages rebound, so growth still will be strong in Q4.
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Nov durable goods orders +3.8% but +0.3% ex transport and +3.7% ex
defense. Strength was in primary metals +5.2%, machinery +0.9%,
aircraft. Other areas dipped. Nondefense aircraft new orders +73.3% as
Boeing Corp had 96 new orders vs 7 in Oct; defense aircraft +12.1%. Ex
transport orders are up in 6 of the last 7 mos & suggest mfg gains.
Shipments -0.4%, inventories +0.6%, rounding out the report.