- 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 September 30, 2016
Personal consumption expenditures were flat during August (3.8% y/y) following a 0.4% July advance, revised from 0.3%. A 0.1% rise had been expected in the Action Economics Forecast Survey. So far this year, spending has risen at a 4.0% annual rate compared to a 3.5% rise during all of last year. Adjusted for price inflation, spending eased 0.1% (+2.6% y/y) last month after a 0.3% gain.
Current dollar purchases of durable goods declined 1.3% (+3.0% y/y) after a 2.1% gain. Motor vehicle & parts spending fell 3.0% (+1.3% y/y) following a 6.1% jump. Sales of home furnishings & appliances declined 1.0% (+2.7% y/y) after a 0.5% fall. Spending on recreational goods & vehicles were off 0.4% (+4.4% y/y). A 0.2% decline (+0.2% y/y) in nondurable goods spending owed to a 1.8% fall (-17.0% y/y) in spending on gasoline as pump prices eased 0.8% (-16.6% y/y). Clothing purchases declined 0.1% (+0.9% y/y) following a 0.3% fall. Services purchases increased 0.3% (4.8% y/y) led by a 0.5% rise (4.6% y/y) in spending on housing & utilities. Spending at restaurants & hotels gained 0.2% (5.7% y/y), but recreation purchases fell 0.2% (+4.2% y/y).
Personal income improved 0.2% (3.1% y/y) following an unrevised 0.4% rise. A 0.2% rise had been expected. Disposable personal income gained 0.2% (3.4% y/y). In chained dollars, take-home pay nudged 0.1% higher (2.4% y/y) after a 0.3% rise. So far this year, real disposable income has risen at a 2.0% annual rate following a 3.5% increase last year.
Wage & salary income improved a scant 0.1% (3.7% y/y) following two months of 0.5% increase. Rental income jumped 0.7% (6.4% y/y) and built on a 0.5% rise. Receipts on assets increased 0.5% (-0.1% y/y) after a 0.3% rise, while personal transfer receipts gained 0.4% (3.5% y/y) for the second straight month.
The personal savings rate improved to 5.7%, its highest level in three months. Personal savings rose 0.2% y/y.
The PCE chain price index ticked 0.1% higher (1.0% y/y) and has risen at a 1.4% rate so far this year. Excluding food & energy, the index rose 0.2% (1.7% y/y) following two straight 0.1% upticks. The durable goods index eased slightly (-2.0% y/y) but the nondurables index moved 0.1% higher (-1.7% 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.
From the Vault: Does Forward Guidance Work? from the Federal Reserve Bank of New York is available here.
|Personal Income & Outlays (%)||Aug||Jul||Jun||Aug Y/Y||2015||2014||2013|
|Personal Consumption Expenditures||0.0||0.4||0.5||3.8||3.5||4.4||2.8|
|Wages & Salaries||0.1||0.5||0.5||3.7||5.1||5.1||2.7|
|Disposable Personal Income||0.2||0.4||0.3||3.4||3.8||5.1||-0.1|
|Personal Saving Rate||5.7||5.6||5.5||5.9
|PCE Chain Price Index||0.1||0.0||0.1||1.0||0.3||1.5||1.3|
|Less Food & Energy||0.2||0.1||0.1||1.7||1.4||1.6||1.5|
|Real Personal Consumption Expenditures||-0.1||0.3||0.4||2.6||3.2||2.9||1.5|
|Real Disposable Income||0.1||0.3||0.2||2.4||3.5||3.5||-1.4|