- 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 December 22, 2016
Personal income remained unchanged during November (3.5% y/y) following a 0.5% October rise, revised from 0.6%. A 0.3% increase had been expected in the Action Economics Forecast Survey. Disposable personal income eased negligibly (+3.7% y/y) after a 0.5% rise. Adjusted for higher prices, take-home pay slipped 0.1% (+2.3% y/y), the weakest figure since March 2015.
Wages & salaries slipped 0.1% (+3.5% y/y) after two months of firm increase. Receipts on assets improved 0.2% (2.5% y/y) after a 0.5% rise. Rental income gained 0.9% (6.5% y/y), the same as in October. Proprietors' income improved 0.3% (2.8% y/y) after a 0.2% gain. Transfer receipts fell 0.2% (+3.5% y/y), reflecting a 1.0% decline (+2.8% y/y) in Social Security payments which reversed the prior month's rise. Medicare payments rose 0.3% (5.0% y/y) for the fifth straight month. Medicaid receipts improved 0.4% (6.0% y/y). Unemployment insurance benefits declined 0.4% (-9.8% y/y) with the improved job market.
Personal consumption expenditures increased 0.2% (4.2% y/y) following a 0.4% October rise, revised from 0.3%. A 0.3% November increase had been expected in the Action Economics Forecast Survey.
Adjusted for higher prices, spending rose 0.1% (2.8% y/y) after a 0.1% increase. Real durable goods spending eased 0.1% (+6.9% y/y) as real motor vehicle purchases declined 1.5% (+5.7% y/y) after a 1.8% rise. Constant dollar home furnishings & appliance spending increased 1.3% (6.7% y/y) after a 0.3% dip. Real spending on recreational goods & vehicles rose 1.0% (12.2% y/y). Real nondurable goods purchases increased 0.2% (2.6% y/y) as eating out expenditures rose 0.6% (5.4% y/y) after a 1.1% jump. Real clothing purchases rose 0.5% (1.3% y/y) following a 0.1% dip. Real services outlays increased 0.2% (2.3% y/y) and reversed the October decline. A 0.7% increase (2.5% y/y) in restaurant & accommodations spending led the increase after a 0.8% fall. A 0.2 % fall (+0.2% y/y) in recreation services outlays was accompanied by a 0.1% improvement (3.8% y/y) in health care outlays for a second straight month.
The personal savings rate declined to 5.5%, off marginally from the previous two months. The level of personal savings declined 4.4% y/y.
The chain price index remained unchanged (1.4% y/y) after a 0.3% rise, while excluding food & energy prices it also was unchanged (1.6% y/y) following two months of 0.1% increase. A 2.2% increase (0.7% y/y) in gasoline prices followed two months of stronger increases. Clothing prices offset some of this rise with a 0.5% decline (-0.2% y/y). Food & beverage costs also eased 0.2% (-1.7% y/y). The durable goods price index fell 0.5% (-2.5% y/y) after little change. A 0.8% decline in recreational goods prices (-6.8% y/y) continued several months of decline. The services price index increased 0.1% (2.4% y/y) after nine consecutive months of 0.2% increase.
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 (%)||Nov||Oct||Sep||Nov Y/Y||2015||2014||2013|
|Wages & Salaries||-0.1||0.5||0.4||3.5||5.1||5.1||2.7|
|Disposable Personal Income||-0.0||0.5||0.3||3.7||3.8||5.1||-0.1|
|Personal Consumption Expenditures||0.2||0.4||0.7||4.2||3.5||4.4||2.8|
|Personal Saving Rate||5.5||5.7||5.6||6.0
|PCE Chain Price Index||0.0||0.3||0.2||1.4||0.3||1.5||1.3|
|Less Food & Energy||0.0||0.1||0.1||1.6||1.4||1.6||1.5|
|Real Personal Consumption Expenditures||0.1||0.1||0.5||2.8||3.2||2.9||1.5|
|Real Disposable Income||-0.1||0.2||0.1||2.3||3.5||3.5||-1.4|