- 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 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|