Data Continues to Support Modest Growth in Q3
· Personal income rose 0.4 percent in August after increasing 0.2 percent in July. Personal spending activity remained modest, rising 0.3 percent. The saving rate edged higher to 4.6 percent, the first increase since May.
· Durable goods orders rose a slight 0.1 percent in August after a larger-than-expected drop in July. Core capital goods orders were also weaker than expected for the month.
· New home sales rebounded in August, rising 7.9 percent to a 421,000-unit pace. Although inventories remain tight, overall levels rose 3.6 percent.