- US: Advance Durable Goods, Advance Trade & Inventories (Mar)
- Canada: Payroll Employment, Earnings, & Hours (Feb)
- Spain: Advanced HICP & CPI, Construction Business Survey Press (Apr)
- Belgium: CPI (Apr)
- Brazil: PPI (Mar)
- Germany: GfK Consumer Climate Survey, State CPI: Bavaria, Saxony, Berlin, Hesse, North Rhine-Westphalia, Brandenburg (Apr)
- Building Permits (Feb)
- UK: Motor Vehicle Production (Mar)
- more updates...
Economy in Brief
U.S. Gasoline Prices Are Little-Changed; Crude Oil Falls
Regular gasoline prices of $2.45 per gallon last week (13.3% y/y)...
Japan's METI Indexes Show Ongoing Gains
The services sector is assessed by the METI indexes where it is named the 'tertiary sector.' That sector index rose to 104.1 in February...
U.S. New Home Sales & Prices Strengthen
Sales of new single-family homes increased 5.8% (15.6% y/y) during March to 621,000...
U.S. Consumer Confidence Backpedals
The Conference Board Consumer Confidence Index fell 3.7% during April (+27.0% y/y) to 120.3...
U.S. FHFA House Price Index Regains Strength
The FHFA U.S. house prices increased 0.8% during February (6.5% y/y)...
French Manufacturing and Service Sectors Weaken But Stay on Trend or Hold Recent Gains
The French manufacturing sector trend index is down to 1 in April from 3 in March...
by Tom Moeller August 29, 2016
Personal consumption expenditures increased 0.3% (3.8% y/y) during July following a 0.5% June rise, revised from 0.4%. The latest gain matched expectations in the Action Economics Forecast Survey. So far this year, spending has risen at a 4.5% annual rate compared to a 3.5% rise during all of last year. Adjusted for price inflation, spending rose 0.3% (3.0% y/y) last month after a 0.4% gain.
Current dollar purchases of nondurable goods declined 0.5% (+0.4% y/y) as gasoline purchases fell 3.7% (-16.9% y/y) with lower prices. Clothing purchases also eased 0.1% (+1.4% y/y). Durable goods spending jumped 1.6% (3.8% y/y) after a 0.3% rise. Motor vehicle & parts spending strengthened 4.5% (2.1% y/y), and furnishings & durable household equipment buying improved 0.5% (5.0% y/y). Services spending gained 0.4% (4.9% y/y), the weakest increase since March. Recreation services buying increased 1.2% (5.3% y/y), but spending on food services & accommodations remained unchanged (5.2% y/y).
Personal income improved 0.4% during July (3.3% y/y) following increases of 0.3% in the two prior months. A 0.4% rise had been expected. Disposable personal income gained 0.4% (3.6% y/y). In chained dollars, take-home pay also increased 0.4% (2.7% y/y), the strongest rise since December. So far this year, real disposable income has risen at a 2.4% annual rate.
Wage & salary income gained 0.5% (4.1% y/y) as it did in June. Manufacturing sector wages strengthened 0.8% (3.5% y/y) and service-producing wages rose 0.5% (4.5%.y/y). Government sector wages improved 0.3% (2.8% y/y). Rental income grew 0.7% (6.8% y/y), but proprietors income gained just 0.2% (2.3% y/y). Receipts on assets recovered 0.3% (-0.6% y/y) after a 0.2% fall. Transfer receipts jumped 0.4% (3.5% y/y), the strongest gain since February.
The personal savings rate rose to 5.7% after a decline to 5.5%. It remained down from 6.1% averaged both in Q1'16 and in Q4'15. Personal saving increased 0.5% y/y.
The PCE Chain Price Index remained unchanged (0.8% y/y), the weakest performance since February. Nondurable goods prices declined 0.4% (-2.1% y/y) as gasoline prices fell 4.2% (-18.9% y/y). Apparel prices rose 0.1% but were flat y/y. The durable goods price index declined 0.3% (-2.3% y/y) as home furnishing and durable household equipment prices fell 0.5% (-2.8% y/y). Remaining unchanged were both motor vehicle prices (-4.6% y/y) and recreational vehicle & product prices (-4.6% y/y). The services price index gained 0.2% (2.3% y/y).
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. Further detail is in USNA.
|Personal Income & Outlays (%)||Jul||Jun||May||Jul Y/Y||2015||2014||2013|
|Personal Consumption Expenditures||0.3||0.5||0.3||3.8||3.5||4.4||2.8|
|Wages & Salaries||0.5||0.5||0.4||4.1||5.1||5.1||2.7|
|Disposable Personal Income||0.4||0.3||0.3||3.6||3.8||5.1||-0.1|
|Personal Saving Rate||5.7||5.5||5.8||5.8
|PCE Chain Price Index||0.0||0.1||0.2||0.8||0.3||1.5||1.3|
|Less Food & Energy||0.1||0.1||0.2||1.6||1.4||1.6||1.5|
|Real Personal Consumption Expenditures||0.3||0.4||0.2||3.0||3.2||2.9||1.5|
|Real Disposable Income||0.4||0.2||0.1||2.7||3.5||3.5||-1.4|