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US Data Deluge Betrays More Small Cracks In MAGA Economy

It's not terrible. But it's not "great" - "again" or otherwise.

Friday's data deluge in the US revealed more cracks in the MAGA economy, as consumers reined in purchases, and business investment slowed during a month defined by trade tensions, recession fears and market volatility. Consumer spending rose just 0.1% MoM in August, the most meager gain in six months, data showed. Income gains were decent, though, which ostensibly suggests Americans still have the capacity to spend and thereby prolong the expansion in the absence of news that dents confidence further. Retail sales data remains robust, although this week's IHS Markit PMIs appeared to presage an imminent deceleration in nonfarm payrolls, as employment gauges cratered. The final read on University of Michigan sentiment is due later Friday. Read more: The US Economy Is Good, Bad And Ugly The Fed's preferred inflation gauge missed estimates in August, with PCE unchanged MoM on the headline (consensus was looking for a 0.1% gain) and up 0.1% on core (consensus was for a 0.2% gain). The YoY prints matched estimates at 1.4% and 1.8%, respectively. Muted inflation pressures support the case for additional Fed cuts, something Donald Trump habitually points out on Twitter, when opini
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