Wells Fargo Weekly Economic & Financial Commentary, January 3, 2014

End of the Year Data Signal Stronger Q4 Growth

 

· Personal income rose a slight 0.2 percent in November with wage and salary income increasing 0.4 percent for the month. Personal spending continued to accelerate, rising 0.5 percent, driven, in part, by services spending.

· Durable goods orders rebounded in November, posting a 3.5 percent gain. Core capital goods shipments also climbed 2.8 percent for the month.

· The ISM Manufacturing Index reading was a bit softer in December but remained solidly in expansion territory.  Both new orders and employment components rose on the month.

Weekly Economic & Financial Commentary, January 3, 2014