- New Zealand: International Trade (Feb)
- Korea: Consumer Survey Index (Mar); Philippines: Public Finance (Jan)
- Weekly: **Initial Claims Data Revisions Completed**
- Euro area: Flash Consumer Confidence Indicator (Mar)
- US: New Residential Sales (Feb)
- Belgium: Business Survey (Mar)
- Uruguay: GDP (Q4)
- more updates...
Economy in Brief
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
U.S. Existing Home Sales Fall to Five-Month Low; Inventory Remains Tight
Sales of existing single-family homes declined 3.7% (+5.4% y/y) to 5.480 million units (AR) during February...
U.S. FHFA House Price Index Momentum Diminishes
The FHFA U.S. house price index remained unchanged during January following a 0.4% December increase ...
Japan's Trade Trends Turn Sharply Higher
Japan has logged its largest current account surplus since April 2010...
by Tom Moeller March 28, 2016
Personal consumption expenditures during February increased a minimal 0.1% (3.8% y/y) for the third consecutive month. January's gain was revised from 0.5%. The latest rise matched expectations in the Action Economics Forecast Survey. Spending on durable goods edged 0.1% higher (3.7% y/y) following a 0.7% decline, revised from 1.2%. Motor vehicle purchases gained 0.2% (1.3% y/y) after a 0.4% decline, revised from +2.2%. Purchases of furniture & durable household equipment fell 0.3% (+4.4% y/y) following a downwardly revised 0.2% gain. Purchases of recreational products & vehicles declined slightly (+6.1% y/y) after a 1.6% fall, which was revised from a +0.9% jump. Nondurable goods spending fell 1.1% (+0.9% y/y), the fifth decline in the last six months. Gasoline purchases were off 11.2% (-7.8% y/y due to lower prices. Constant dollar spending on gasoline rose 0.5% and was unchanged y/y. Clothing & footwear purchases rose 0.3% (7.4% y/y). Services spending strengthened 0.4% (4.7% y/y) as food services & accommodations spending recovered 0.9% (6.5% y/y) after a 0.8% decline. Recreation services spending also was firm and increased 0.4% (7.9% y/y).
Adjusted for price inflation, personal consumption rose 0.2% (2.8% y/y) after little change in January, revised from 0.4%.
Personal income improved 0.2% (4.0% y/y) after an unrevised 0.5% increase. A 0.1% increase had been expected. Wages & salaries eased 0.1% (+4.3% y/y), following a 0.6% jump. Rental income strengthened 1.0% (8.0% y/y) while proprietors income remained unchanged (3.6% y/y). Transfer payments increased 0.5% (4.3% y/y) as Medicaid receipts rose 0.7% (5.9% y/y). Social security payments increased a steady 0.4% (5.0% y/y). Unemployment insurance payments remained unchanged (-6.5% y/y).
Disposable personal income increased 0.2% (3.7% y/y), softer than January's 0.4% gain. Adjusted for price increases, take-home pay rose a steady 0.3% (2.7% y/y).
The personal savings rate improved to 5.4%, the highest level in twelve months.
The chain-type price index eased +0.1%, but the y/y increase of 1.0% compared to a 0.3% rise during all of last year. It was the firmest twelve month rise since late-2014. The price index excluding food & energy also nudged 0.1% higher (1.7% y/y), the strongest y/y rise since January 201July 2014. The service price index edged up 0.1% (2.1% y/y) and has been strengthening for a year. The durable goods index declined 0.3% (-1.5%), but y/y rate of decline compares with -2.3% a year ago. The nondurables price index fell 0.8% (-1.4% y/y) with lower gasoline prices.
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 (%)||Feb||Jan||Dec||Feb Y/Y||2015||2014||2013|
|Wages & Salaries||-0.1||0.6||0.2||4.3||4.6||5.1||2.7|
|Disposable Personal Income||0.2||0.4||0.3||3.7||3.7||4.2||-0.1|
|Personal Consumption Expenditures||0.1||0.1||0.1||3.8||3.4||4.2||3.1|
|Personal Saving Rate||5.4||5.3||5.0||5.4
|PCE Chain Price Index||-0.1||0.1||-0.1||1.0||0.3||1.4||1.4|
|Less Food & Energy||0.1||0.3||0.1||1.7||1.3||1.5||1.5|
|Real Disposable Income||0.3||0.3||0.3||2.7||3.4||2.7||-1.4|
|Real Personal Consumption Expenditures||0.2||-0.0||0.2||2.8||3.1||2.7||1.7|