- 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 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|