Making my call on the economy for the day
Well, the average hourly wage data is out at the bureau of labor statistics and hourly earnings are expanding at a 4.8% annual pace, more than enough to compensate for the decline in cash out refinancings. My call of the moment: the consumer will have enough cash to keep going unless gas prices get really out of hand.
Ten years of month to month average hourly production wage growth (source: Bureau of Labor Statistics). Current wage growth is more boom-like than bust-like and is more than enough to offset reduction in real estate cash out refinancing.
That's all for this quick update. I have more cooking for later, possibly today.