Personally, I need my income because I spend.
Economic Event | Period | Economic Survey | Actual Reported | Original Prior | Revised Prior |
Personal Income | Aug | 0.004 | 0.004 | 0.001 | 0.002 |
Personal Spending | Aug | 0.003 | 0.003 | 0.001 | 0.002 |
PCE Deflator MoM | Aug | 0.10% | 0.10% | 0.10% | -- |
PCE Deflator YoY | Aug | 1.20% | 1.20% | 1.40% | 1.30% |
PCE Core MoM | Aug | 0.10% | 0.20% | 0.10% | -- |
PCE Core YoY | Aug | 1.30% | 1.20% | 1.20% | 1.10% |
Univ. of Michigan Confidence | Sep F | 78 | -- | 76.8 | -- |
Consumer Spending Climbed 0.3% in August as U.S. Incomes Rose
Consumer spending in the U.S. rose in August for a fourth consecutive month as a pickup in incomes bolstered the biggest part of the economy. Household purchases, which account for about 70 percent of the economy, climbed 0.3 percent after a revised 0.2 percent advance in July that was more than previously estimated. The advance in August matched the median forecast of economists in a Bloomberg survey. Incomes rose 0.4 percent, the most in six months. Rising home values, stock market gains, and an improved job market are cushioning the effects of this year’s payroll tax increase and giving households the means to spend. Projections for spending ranged from increases of 0.1 percent to 0.5 percent after a previously reported July gain of 0.1 percent, according to the Bloomberg survey of 82 economists. The August increase in incomes, which matched the median estimate, followed a revised 0.2 percent rise the prior month. The figures follow a Commerce Department report yesterday that showed the economy grew at a 2.5 percent annualized rate in the second quarter after expanding 1.1 percent in the first three months of the year. Consumer spending increased at a 1.8 percent pace after 2.3 percent gain in the first quarter.
John Broussard
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
225-342-0013
jbroussard@treasury.state.la.us
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