There’s been a lot of ‘news noise’ the past couple weeks and no doubt it will continue through next week. Not only are the politicians positioning themselves in the most positive light, despite significant negative information about them, but economic data continues to be manipulated to make the current administration and the Federal Reserve look like it has slain the great recession beast of 2008.
We just received the Nominal Disposable Personal Income (DPI) number for September; it was up just 3.4% year-over-year. This is below the 3.8% average of 2015 and drops off the pace of the 3.7% average so far of this year. So, what’s the context of this number and why should we pay attention to it?