- **Select France Updates Delayed Due to INSEE Tech Difficulties
- US: Consumer Confidence (May), Personal Income (Apr)
- US: S&P/Case Shiller HPI delayed by source
- Belgium: GDP (Q1)
- Germany: Retail Trade, LFS (Apr)
- Italy: Monthly Labor Force Survey (Apr), CPI (Prelim-May), GDP (Q1)
- Croatia: Flash GDP (Q1), Employment (Apr); Poland: GDP (Q1); Estonia: IP (Apr); Kazakhstan: Monetary Surveys, Balance Sheet of Second Tier Banks, Pension Accumulations (Apr); Russia: GDP
- more updates...
Economy in Brief
U.S. GDP Growth Is Revised Slightly Higher; Corporate Profits Firm
Real economic growth last quarter was somewhat firmer than first indicated...
French Consumer Confidence Last Higher Eight and One Half Years Ago
Although household confidence was last higher eight and one-half year ago, it was exactly this high back in January of this year...
U.S. Pending Home Sales Surge to 10-Year High
The NAR reported that pending sales of single-family homes jumped 5.1% in April (4.6% y/y)...
U.S. Durable Goods Orders' Strength Led by Civilian Aircraft; Capital Spending Weakens
New orders for durable goods jumped 3.4% during April (1.9% y/y)...
U.S. Initial Unemployment Insurance Claims Fall Again
Initial Claims for unemployment insurance declined to 268,000 (-4.6% y/y) during the week ended May 21...
Italian Retail Sales Fall in March Amid Other Signs of Weakness
Recent Italian data have been backtracking...
by Tom Moeller May 31, 2016
Personal consumption expenditures during April jumped 1.0% (4.1% y/y) following no change in March, revised from 0.1%. The latest increase was the strongest since August 2009, and outpaced expectations for a 0.7% rise in the Action Economics Forecast Survey. Spending on durable goods was notably firm, rising 2.3% (3.7% y/y). The gain was led by a 5.1% jump (-0.1% y/y) in motor vehicles spending. Recreational goods & vehicle spending increased 1.5% (7.8% y/y) and purchases of home furnishings & appliances gained 0.7% (3.8% y/y). Spending on nondurable goods also was firm as it increased 1.4% (2.3% y/). Gasoline purchases rose 7.6% (-8.0% y/y) with higher prices. The gain adjusted for prices was 0.4% (4.3% y/y). Clothing spending rose 0.9% (1.9% y/y). Services spending improved 0.6% (4.7% y/y), led by a 1.2% rise (3.7% y/y) in housing & utilities. Recreation spending firmed 0.9% (6.5% y/y) while transportation outlays rose 0.8% (6.6% y/y). Recreation services spending strengthened 0.9% (6.5% y/y).
Adjusted for price inflation, personal consumption expenditures increased 0.6% last month (3.0% y/y) after little change in March.
A firmer job market continues to boost income. Personal income increased an expected 0.4% during April (4.4% y/y) following an unrevised 0.4% rise. Wages & salaries increased 0.5% (5.2% y/y) following a 0.4 increase. In other income categories, proprietors income rebounded 0.6% (3.7% y/y) after two months of slight decline, and rental income rose 0.4% (7.1% y/y). Transfer payments increased 0.5% (3.9% y/y) as Social Security receipts jumped 0.9% (3.1% y/y). Medicare payments rose 0.4% (5.4% y/y). Unemployment insurance payments declined 2.5% (-5.7% y/y).
Disposable personal income increased 0.5% (4.4% y/y) following March's 0.4% rise. Adjusted for price increases, take-home pay rose 0.2% (3.3% y/y) following a 0.3% increase.
The personal savings rate fell to 5.4% from 5.9%, revised from 5.4%. The level of personal savings rose 10.2% y/y.
The chain-type price index rose 0.3%, and the y/y increase of 1.1% compared to a 0.3% rise during all of last year. The price index excluding food & energy improved 0.2% (1.6% y/y). The nondurable goods price index jumped 0.7% (-0.9% y/y), the largest increase since May of last year. The services price index rose 0.2% (2.2% y/y), the same as it did in the prior two months. The durable goods index nudged 0.1% higher (-1.7%).
The personal income & consumption figures are available in Haver's USECON database with detail in the USNA database. The Action Economics figure is in the AS1REPNA database.
|Personal Income & Outlays (%)||Apr||Mar||Feb||Apr Y/Y||2015||2014||2013|
|Wages & Salaries||0.5||0.4||0.0||5.2||4.8||5.1||2.7|
|Disposable Personal Income||0.5||0.4||0.1||4.4||3.8||4.2||-0.1|
|Personal Consumption Expenditures||1.0||0.0||0.2||4.1||3.4||4.2||3.1|
|Personal Saving Rate||5.4||5.9||5.5||5.1
|PCE Chain Price Index||0.3||0.1||-0.1||1.1||0.3||1.4||1.4|
|Less Food & Energy||0.2||0.1||0.2||1.6||1.3||1.5||1.5|
|Real Disposable Income||0.2||0.3||0.2||3.3||3.4||2.7||-1.4|
|Real Personal Consumption Expenditures||0.6||-0.0||0.3||3.0||3.1||2.7||1.7|