- Japan: **Japan Tokyo employment index rebased to 2015=100**
- Saudi Arabia: Non-Oil Foreign Trade (Feb); Kuwait: CPI (Mar); Tanzania: BOP, Trade, Depository Corporations Survey, Public Finance (Feb)
- Portugal: OMFIs Balance Sheet (Feb)
- Luxembourg: Employment and Unemployment (Mar)
- Kazakhstan: GDP by Income, Labor Productivity Index (Q4), Loans and Deposits, Monetary Aggregates, Banking System Surveys, Public Finance (Mar)
- more updates...
Economy in Brief
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U.S. Leading Economic Indicators Suggest Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.4% (3.5% y/y) during March...
U.S. Initial Unemployment Insurance Applications Increase
Initial unemployment claims for unemployment insurance rose to 244,000 during the week ended April 15 (-5.1% y/y)...
Japan's 'Trade Trends' Stabilize on an Unstable Foundation
Japan trade trends, broadly considered, seem to be stabilizing...
U.S. Mortgage Loan Applications Fall
The MBA total Mortgage Applications Volume Index declined 1.8% last week (-24.9% y/y)...
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|