Daily Trader: Lighter Core PCE, Steady GDP & ADP Employment #shorts

Good morning, everyone, and welcome to the Daily Trader, and welcome to data dump Wednesday. Lot of economic data. I'm going to give it to you in the order of importance. First one, personal income and outlays. A really good look at overall inflation, income, spending. Here's what it is. Personal income up 2/10 of a percent. Think about that in terms of inflation. Personal income up 2/10. Personal consumption expenditures up 9/10, better a 10th better than expected. So, spending still strong, but income, uh the growth of income slowing. Now, get the inflation data. PCE price index month-over-month up 0.3, a 10th less than expected. They were looking for 0.4. PCE price index year-over-year 3.4%. That's 3/10 lower than last month, and 3/10 lower than expectations. Core PCE month-over-month up 0.2, and core PCE year-over-year up 3%, down from 3.3%, and 3/10 lower than expectations. So, good solid numbers on inflation. Also, wages coming down. We're going to watch that come Friday on the payroll data, but a good look at inflation that's not as high as expected, better than expected. Now, we also got the third look at second quarter GDP data. Now, normally this would smooth out, but no, a jump. It goes from 1.5% to 2.2% for second quarter GDP. Personal consumption expenditures jumps from 3.4% to 3.8%. Good solid numbers, strong US economy with inflation coming down. Now, let's get to ADP payrolls. Payrolls, 90,000 private payrolls. That was a pretty solid number spread out among the sizes of your overall company. It was positive numbers all around. Where were the gains? Education and health services, 55,000 jobs. Leisure and hospitality, 22,000 jobs. Manufacturing, 17,000. Construction, 15,000. The losses, financial activity, down 16,000. And professional business services, down 11,000. Finally, the number that disappointed today, of course, mortgage applications. With 30-year mortgage hitting 7.3% composite down 6%, purchases down 4.3, and refinances down 8.7%. A lot of data, lot to catch up with. We'll see tomorrow with more on The Daily Trader.