- 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 October 31, 2016
Consumer spending recovered last month following a brief pullback. Personal consumption expenditures increased 0.5% (3.7% y/y) after a 0.1% dip during August. The gain matched expectations in the Action Economics Forecast Survey.
Adjusted for higher prices, spending rose 0.3% (2.4% y/y) after a 0.2% decline. A 1.8% rebound in real durable goods spending led last month's rise as motor vehicle purchases recovered 3.5% (3.4% y/y) after a 4.7% drop. Recreational product & vehicle outlays jumped 1.5% (9.6% y/y) after a 0.5% fall. Home furnishings & appliance spending gained 0.7% (6.5% y/y) on the heels of two straight declines. Nondurable goods purchases eased 0.1% (+1.5% y/y) despite a 0.5% rise (0.9% y/y) in clothing purchases. Real services outlays improved 0.1% (2.2% y/y) for the third straight month. A 1.2% rebound (3.5% y/y) in restaurant & accommodations spending (3.5% y/y) led the gain after a 0.2% dip. A 1.1% rise (0.2% y/y) in recreation services outlays followed after a 1.6% decline. Housing & utilities outlays declined 0.6% (+0.9% y/y) following a 0.4% increase.
Personal income posted a 0.3% increase (3.2% y/y) following a 0.2% rise. A 0.4% increase had been expected. Disposable personal income increased 0.3% (3.4% y/y) after a 0.2% rise, while adjusted for higher prices, take home pay improved 0.1% (2.1% y/y).
Wages & salaries rose 0.3% (3.8% y/y) following a 0.1% uptick. Proprietors' income jumped 0.6% (2.0% y/y), as did rental income (5.9% y/y). Receipts on assets improved 0.2% (0.2% y/y) after a 0.5% rise, while transfer receipts gained 0.1% (3.5% y/y). That reflected a third consecutive 0.3% rise in Medicare payments (5.3% y/y). Social Security payments receipts increased 0.2% (3.0% y/y), as they did in August. Unemployment insurance benefits declined 3.6% (-8.2% y/y) with the improved job market.
The personal savings rate eased to 5.7% from 5.8%, and it remained below the high of 6.2% in March. The level of personal savings eased 0.1% y/y.
The chain price index increased 0.2% (1.2% y/y) for a second straight month, while excluding food & energy prices notched 0.1% higher (1.7% y/y) after a 0.2% rise. A 5.1% increase (-6.3% y/y) in gasoline prices led the index higher. Clothing prices offset the rise with a 0.5% decline, and they were off 0.5% y/y as well. The durable goods price index moved 0.5% lower (-2.6% y/y), down for the seventh month this year. A 0.9% decline in recreational goods prices (-5.7% y/y) paced the fall. The services price index increased 0.2% (2.4% y/y) as it has in all but two months this year. Food prices eased 0.1% (-1.7% y/y), also down for the seventh month this year.
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 (%)||Sep||Aug||Jul||Sep Y/Y||2015||2014||2013|
|Personal Consumption Expenditures||0.5||-0.1||0.3||3.7||3.5||4.4||2.8|
|Wages & Salaries||0.3||0.1||0.5||3.8||5.1||5.1||2.7|
|Disposable Personal Income||0.3||0.2||0.4||3.4||3.8||5.1||-0.1|
|Personal Saving Rate||5.7||5.8||5.6||5.9
|PCE Chain Price Index||0.2||0.2||0.0||1.2||0.3||1.5||1.3|
|Less Food & Energy||0.1||0.2||0.1||1.7||1.4||1.6||1.5|
|Real Personal Consumption Expenditures||0.3||-0.2||0.3||2.4||3.2||2.9||1.5|
|Real Disposable Income||0.1||0.0||0.3||2.1||3.5||3.5||-1.4|