Consumers Have NO MORE Savings...

The most significant macro data from the past week certainly wasn't GDP (it wasn't even the most important datapoint within its own series), instead it was personal savings. It is yet another confirmation of what we've been hearing from across the economy and markets. Consumers are tapped out, and they're out of money because of jobs and incomes.Eurodollar University's conversation w/Steve Van MetreBLS Metropolitan Area Employment and Unemployment (Monthly)https://www.bls.gov/web/metro.supp.toc.htmBLS Over-the-year percent change in total private average weekly earnings for metropolitan areas, not seasonally adjustedhttps://www.bls.gov/charts/metro-area-employment-and-unemployment/metro-area-oty-percent-change-in-average-weekly-earnings.htmChallenger, Gray, & Christmas Challenger Report: Job Cuts Remain Low While Hiring Falls to Lowest YTD Since 2012https://www.challengergray.com/blog/challenger-report-job-cuts-remain-low-while-hiring-falls-to-lowest-ytd-since-2012/https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU