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Registered Investment Adviser Caleb Lawrence
 
 
The major averages enter the final hour with modest gains on mixed news.  Since Monday the Standard and Poors 500 Index has lost 16 points or .7% while the NASDAQ is down 140 points or 2.25%.
 
Personal income increased .4% in May on strong gains in proprietors, rental and asset income.  The savings rate jumped to 5.5% despite weakness in wage and compensation gains.  Personal Spending advanced .1% in May led by clothing, gasoline, and other durable goods.  After a brief return to the black spending on motor vehicles and parts fell .8%.  The Personal Consumption Expenditures or PCE deflator slipped .1% in May as the year ago rate fell to 1.4%, a third consecutive decline in annualized prices on falling gasoline, durable and non-durable goods prices.  Once again despite a supposedly tight labor market as evidenced by the official unemployment rate upward price pressures remain hard to come by outside of the commodities and particularly energy complex in the last few years.

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