August 31, 2017
Personal income proved solid in July and consumer spending moderate. Disappointing, however, are the PCE price indexes which are nearly dead flat and are not consistent with ideal economic conditions. Stocks moved higher with the Dow up 0.3 percent to 21,946.
The effects of Hurricane Harvey are finally being felt in the commodities market with oil up $1 and back over $47 as gasoline futures surged 8 percent on the day to $1.77. Rates and the dollar were little changed but gold is showing additional life, up more than $15 and over $1,325.