- 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 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|