- Korea: Housing Price Index (Apr)
- US: Consumer Sentiment (Apr-final), GDP (Q1 Adv), ECI (Q1)
- Consumer Sentiment Detail (Apr-final)
- US: Selected NIPA Tables (Q1-Adv), Summary key Source Data (Q1)
- Canada: GDP by Industry (Feb), Industrial Product Prices (Mar)
- *Taiwan National House Price Indexes Rebased to 2016=100.*
- Euro area: HICP (Apr-Flash), ECB Survey of Professional Forecasters (Q2)
- Italy: CPI, HICP (Apr-Prelim)
- Brazil: Sao Paolo Capacity Utilization (Mar);Mexico: Debt (Mar);
- more updates...
Economy in Brief
U.S. Employment Cost Index Has Stronger Gain
Lifted by outsized rises in several industries, the employment cost index for civilian workers rose 0.8% (2.4% y/y) during Q1'17...
Chicago Purchasing Managers Index Strengthens
The Chicago Purchasing Managers Business Barometer Index for April increased to 58.3 from 57.7 in March...
EMU Money and Credit Perk Up
There is some noticeable acceleration in EMU money and credit growth...
Durable Goods Orders Improvement Moderates
New orders for durable goods rose 0.7% (4.5% y/y) during March...
U.S. Initial Claims for Unemployment Insurance Increase
Initial unemployment claims for unemployment insurance rose to 257,000 during the week ended April 22...
U.S. Pending Home Sales Ease
The National Association of Realtors (NAR) reported that pending home sales slipped 0.8% ((+0.8% y/y) during March...
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|