In another demonstration that the market and the economy are two very different animals, Personal Income dropped 1.1% MoM and Personal Expenditures dropped 0.4% MoM.
YoY, Spending fell 1.3% and Incomes rose 3.8% – but to a lower low. 
Naturally, futures yawned and are back above their SMA10.
Needless to say, tossing out $600 stimulus checks like so many rolls of paper towels isn’t going to make a difference. Of the 100 most populous cities in America, only Toledo offers median rent of less than $600 per month.
There are still 11 million unemployed Americans, only some of whom will be afforded eviction/foreclosure protection under the latest stimulus bill (if it is signed into law.) The latest is that Trump wants Congress to up the stimulus checks to $2,000 per person.
Of course, he’s announcing it now without any Senate Republican support and when half of Congress has already left town. But, hey, it’s the thought that counts. Merry Christmas indeed.
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