@ The White House
In the morning, the President will receive the Presidential Daily Briefing in the Oval Office. The President will then meet with senior advisors.
Later in the morning, the President will meet with Secretary of the Treasury Geithner in the Oval Office.
Also in the morning, the President will be interviewed by WTVF-TV Nashville, Tennessee; WXII-TV Greensboro/Winston-Salem, North Carolina; and WESH-TV Orlando, Florida on the need for Congress to pass the American Jobs Act now to put more people back to work and more money in the pockets of working Americans.
In the afternoon, the President will meet with Secretary of State Clinton in the Oval Office.
@ Wall Street
Personal Income, Consumption, and Prices (Aug.)
IHS Global Insight analysts expect nominal personal income to be flat, (and real personal income to be down) in August. August's payroll employment report was dismal with no net jobs added, a decline in the workweek, and falling average hourly earnings.
These results point to a decrease in wages and salaries in August. IHS Global Insight expect consumer spending to increase 0.1% in nominal dollars, but adjusted for inflation that translates into a 0.2% decline.
Prices were higher across the board in August, with notable CPI increases for food, gasoline, clothing, and rent. Wage gains are running below price increases and consumer confidence is depressed.
August retail sales were flat, indicating that consumers have pulled back. Clothing, department store, and restaurant sales were down in July and August, while grocery stores and gasoline stations posted August gains?consumers are spending on necessities, not desires.
The core (non-energy and nonfood) PCE price index is expected to increase 0.2%, with its year-over-year growth rate rising from 1.6% in July to 1.7% in August. The Fed will keep a close eye on core inflation, but its current focus is on weak employment and consumer demand, as well on the risk of damaging spillovers from the Eurozone financial crisis.
