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Consumers Have NO MORE Savings...
The most significant macro data from the past week certainly wasn't GDP (it wasn't even the most important datapoint within its own series), instead it was personal savings. It is yet another confirmation of what we've been hearing from across the economy and markets. Consumers are tapped out, and they're out of money because of jobs and incomes.
Eurodollar University's conversation w/Steve Van Metre
BLS Metropolitan Area Employment and Unemployment (Monthly)
https://www.bls.gov/web/metro.supp.toc.htm
BLS Over-the-year percent change in total private average weekly earnings for metropolitan…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.