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FAX ARCHIVE   September 2016
Date  Subject Descriptive Information
September 30 NOTHING LIKE THE LAST CYCLE Late Summer Spending Pause.  Wages Likely Understated;  Mood Cautious & Volatile; This Winter:  MOre Homeowners; More Homowners Face Higher Utilities bills; Cash-Out remains Low.  More to Come?;  no Credit bubble, Nor Permanent Shock as Most Debt fixed
September 27 HANDOUT HANDOUT
September 20 DATA MIXED BUT CONSUMER STILL OK Retail Sales Trends; Builder Surveys & HOusing Starts; Assets, Debt & Net Worth; Composition of New WOrth; Mod volatile; CPI vs PCE.  Which is Correct?
September 8 WHAT HAS BEEN Data just now picking up previous employment-related declines;  Unadjusted employment data not looking good; Benchmark jobs revision downward; Travel decline stopped, may be improving; 2015 Income & spending recovery impressive


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