US Personal Spending Contracts for 5th Straight Month

US Personal Spending Contracts for 5th Straight Month as Jobless Claims Hold Near 26-Year Highs

The US dollar has edged lower this morning, but for what it's worth, the majors remain range bound amidst low volume trading ahead of the holidays. Focusing on EUR/USD in particular, the pair has been trading within a 200 point range since the start of the week and a 100 point range since Monday morning.

EUR/USD (Intraday Chart)

Meanwhile, US economic data has been broadly disappointing, as personal income and spending both fell negative during the month of November. Indeed, personal income slumped 0.2 percent, as deteriorating labor market conditions drive wages lower, while personal spending contracted for the fifth straight month at a rate of -0.6 percent. Such a decline in spending isn't entirely surprising given the latest US GDP figures for Q3, which reflected a 3.8 percent plunge in consumption, but does suggest that Q4 GDP results will be similarly disappointing.

In a similar vein, US initial jobless claims for the week of December 20 climbed to 586K from 556K, while continuing jobless claims for the week of December 13 edged down to 4370K from 4387K. Nevertheless, both of these indexes remain near the highest levels since late-1982, highlighting one of the primary reasons why consumption has fallen so steadily in 2008.

US Continuing Jobless Claims (Weekly)
















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