- 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 August 2, 2016
Personal consumption expenditures increased 0.4% (3.7% y/y) during June, the same as in May. The figures reflect Friday's revisions to the National Income & Product Accounts. A 0.3% June increase had been expected in the Action Economics Forecast Survey. So far this year, spending has risen at a 4.3% annual rate compared to a 3.7% rise during all of last year. Adjusted for price inflation, spending rose 0.3% (2.8% y/y) last month. Current dollar purchases of nondurable goods increased 0.7% (1.4% y/y) following a 0.4% rise. Durable goods spending eased 0.3% (+2.3% y/y) after a 0.4% decline. Services spending gained 0.5% (4.7% y/y) as it did in May.
Personal income improved 0.2%, the same as in the prior month. Year-to-year growth decelerated, however, to 2.7% versus 5.2% during all of 2014. A 0.3% June increase had been expected. Wages & salaries rose 0.3% (3.2% y/y) after a 0.2% gain. Proprietors' income strengthened 0.6% (2.9% y/y) after declining slightly. Rental income grew 0.4% following a 0.2% rise, though monthly gains of 1.0% from January to March lifted the y/y increase to 6.5%. Receipts on assets fell 0.5% (-1.9% y/y) after a 0.1% rise while transfer receipts held steady (3.4% y/y) following a 0.2% increase. Disposable personal income gained 0.2% (3.1% y/y), the same as in May. Adjusted for inflation, take-home pay rose 0.1% (2.2% y/y), following no change.
The personal savings rate fell to 5.3%, down from 6.1% averaged in Q1'16 and in Q4'15. Personal saving declined 7.3% y/y.
The PCE Chain Price Index improved 0.1% (0.9% y/y) following a 0.2% rise. The nondurable goods price index firmed 0.3% (-1.6% y/y) after a 0.1% uptick. The services price index nudged 0.1% higher (2.2% y/y) after a 0.3% rise, but the durable goods price index fell 0.7% (-2.2% y/y), the fourth decline in six months.
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.
Economic Gains Enough to Further Tighten Labor Market from the Federal Reserve Bank of Dallas is available here.
|Personal Income & Outlays (%)||Jun||May||Apr||Jun Y/Y||2015||2014||2013|
|Personal Consumption Expenditures||0.4||0.4||1.0||3.7||3.5||4.4||2.8|
|Wages & Salaries||0.3||0.2||0.5||3.2||5.1||5.1||2.7|
|Disposable Personal Income||0.2||0.2||0.4||3.1||3.8||5.1||-0.1|
|Personal Saving Rate||5.3||5.5||5.7||5.8
|PCE Chain Price Index||0.1||0.2||0.3||0.9||0.3||1.5||1.3|
|Less Food & Energy||0.1||0.2||0.2||1.6||1.4||1.6||1.5|
|Real Personal Consumption Expenditures||0.3||0.2||0.7||2.8||3.2||2.9||1.5|
|Real Disposable Income||0.1||0.0||0.1||2.2||3.5||3.5||-1.4|