Data points

Data points continue on balance to be weak to weakening globally:

Weak income dynamics, weak saving: real US personal disposable income fell by a whisper in September (0.022%) and has stagnated since May.   Real personal consumption expenditure rose by 0.4% in September.    Personal saving has fallen further to 3.3%.

Spanish GDP down 0.3% in the third quarter (-1.2% annualised).

German unemployment/employment data, seasonally adjusted, is weakening, although  at present at the edge of marginal.

Japan household expenditure data (2 or more households) has been weakening since May, fell 2.2% in September and is back to levels seen in November of last year.  Japan industrial production fell 4.1% in September and is down 8.1% over the year with inventories falling for the second consecutive month.

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