- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
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...
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|