We had mixed news on the economy today. The government reported that jobless claims were up, but that will be overshadowed by tomorrow’s employment report. The good news is that consumer spending rose by 1.3%in August. That’s the biggest gain in over a year. Personal income rose by 0.2% in August, just above the 0.1% consensus.
The other big news impacting the market is the resignation of Ken Lewis as CEO of Bank of America (BAC). I’ve long been a critic of Lewis. Here are my thoughts on his departure.