In The News...

The government reported inflation numbers this morning that were than expected. The Core PCE year-over-year reading was higher than what the Federal Reserve believes it should be. Also released was personal income for July, which was way below expectations and was the biggest drop since August of 2005. Real disposable incomes fell 1.7% in July. This is the second straight large monthly drop in the wake of the government stimulus payments.

Business activity in the Chicago region picked up in August, according to a survey of corporate purchasing managers released Friday. The gain was unexpected. Forecasts were generally expecting a small decline in the index.

The University of Michigan's Consumer Sentiment Index rose to its highest level since March, posting an unexpectedly large recovery from depressed levels with the help of moderating energy prices.

This Monday is Labor Day and it is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country. The first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City, in accordance with the plans of the Central Labor Union. The Central Labor Union held its second Labor Day holiday just a year later, on September 5, 1883. In 1884 the first Monday in September was selected to celebrate a "workingmen's holiday."

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