This morning, a tame inflation reading via the Personal Consumption Expenditure Report, or PCE, was released by the Commerce Department’s Bureau of Economic Analysis. The important Core Personal Consumption Expenditure for July was reported at 0.1%, which was less than expectations of 0.2%.

The closely watched year-over-year Core PCE remained at 1.9%, which is still within the Fed’s target zone of 1 - 2%.

With President Bush set to speak about proposals to aid borrowers hardest hit by mortgage problems and Fed Chairman Ben Bernanke speaking this morning, we are waiting to gauge the market reaction.

Happy Labor Day!

“Labor Day differs in every essential way from the other holidays of the year in any country,” said Samuel Gompers, founder and longtime president of the American Federation of Labor. “All other holidays are in a more or less degree connected with conflicts and battles of man’s prowess over man, of strife and discord for greed and power, of glories achieved by one nation over another. Labor Day…is devoted to no man, living or dead, to no sect, race, or nation.”

Labor Day, the first Monday in September, is a creation of the labor movement and 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. - U.S. Dept of Labor

In observation of Labor Day, I would like to applaud you for your achievements and efforts to make America a better place to live. Have a safe and wonderful Labor Day Weekend!!