David Rosenberg: A global recession without the USA? That’s what I’m hearing. Reminds me of the clowns who were talking about decoupling back in 2008. No such thing. Sorry to be the one to tell you.

US Construction Spending Growth Tumbles To 8 Year Lows

U.S. construction spending posted the smallest annual increase since 2011 as homebuilding slowed amid higher borrowing costs and a glut of apartments in some areas.

For December, spending declined 0.6% from the prior month, missing forecasts for a 0.1% gain.

 

U.S. personal income falls, following drop in consumer spending

U.S. personal income fell for the first time in more than three years in January as dividends and interest payments dropped, pointing to moderate growth in consumer spending after it fell by the most since 2009 in December.

The report from the Commerce Department on Friday also showed inflation pressures remaining tame, which together with slowing domestic and global economic growth gave more credence to the Federal Reserve’s “patient” stance towards raising interest rates further this year.

Personal income slipped 0.1 per cent in January, the first decline since November 2015, after jumping 1.0 per cent in December. Income was weighed down by decreases in dividend, farm proprietors’ and interest income.

Wages increased by a moderate 0.3 per cent in January after rising 0.5 per cent in December. Economists polled by Reuters had forecast incomes rising 0.3 per cent in January.

 

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