Personal income growth disappointed in December, rising a less-than-expected 0.3% MoM. Of course, that did not stop Americans from spending as personal consumption rose 0.5% MoM in December. This is the 9th month in a row of higher annual spending growth than income growth...

Sadly for all those hyping and hoping for wage growth - it is stagnant again...

Which coupled with the rising inflation means real disposable income growth is its slowest since 2015...

But the need to spend, spend, spend, sends the savings rate tumbling to just 5.4% - the lowest since March 2015.

Sustainable?