Economic Event | Period | Economic Survey | Actual Reported | Original Prior | Revised Prior |
Personal Income | OCT | 0.2% | 0.0% | 0.4% | |
Personal Spending | OCT | 0.0% | -0.2% | 0.8% | |
PCE Deflator MoM | OCT | 0.1% | 0.1% | 0.4% | 0.3% |
PCE Deflator YoY | OCT | 1.8% | 1.7% | 1.7% | 1.6% |
PCE Core MoM | OCT | 0.2% | 0.1% | 0.1% | |
PCE Core YoY | OCT | 1.7% | 1.6% | 1.7% | 1.6% |
There are so many references to SuperStorm Sandy in this release it’s hard to determine what’s real and what’s not real.
Clearly Personal Income is stagnant, and that certainly is not good.
Once again Personal spending has gone negative, and that certainly is not good.
And as for the PCE (Personal Consumption Expenditure) numbers, the 1.7% PCE Deflator and the 1.6% PCE Core numbers are well below the Fed’s 2.0% target, and have been consistently below target for the last four (4) years. That certainly is not good.
John Broussard
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
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