US DATA: Sept Pers Income +0.1%, PCE +0.6%, Core PCE prices flat for
+1.6% YOY. These data are already incorporated into the Q3 GDP report
and should be of limited mkt interest. Real PCE +0.5% after a pause in
Aug, showing a seesaw pattern for Q3 consumption. Buying came at the
expense of saving as $419.8b savings was the lowest since Aug’09 and
the 3.6% monthly savings rate was down 0.5pt from Aug and a low since
Dec07’s 2.6%. Pvt wages +$17.9b in Sept vs -$9.8b in Aug as mfg and
services pay jumped. Proprietors income, transfers (Medicaid fell less)
and rents gained, but income receipts fell. Overall, Q3 income barely
gained and this is not a strong set-up for Q4.