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Week In Review

Personal Income and Spending

August personal spending rose 0.1%.  Personal income increased 0.4%.

Our Take

While the increase in incomes met economists’ expectations, spending fell short.  The consumer has been the main driver of recent economic growth, so any signal of potential weakness is worrisome.  Next week’s employment report should provide clues as to whether the August slowdown in spending growth was a temporary blip or a warning of things to come.


September municipal bond sales are expected to meet or exceed the $38 billion amount sold in August.  If September issuance exceeds the August amount, this would mark the largest new issuance month since December 2017.

Our Take

September 2019 issuance will likely not reach the $58 billion of issuance in December 2017.  However, municipalities continued to take advantage of the low interest rate environment this month by coming to market with new issuance or refinancing existing debt.

All expressions of opinions are subject to change without notice in reaction to shifting market conditions.  All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness.  Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities