- **Poland GDP Changed to ESA2010**
- **Taiwan GDP Changed to SNA 2008**
- EMERGECW Q3/14 Macedonia Banking System Basic Indicator
- EMERGECW Georgia: Central Government Operations OCT 2014
- India: Treasury Yields
- Colombia: Employment (Oct); Mexico: Construction (Sep); Chile: Industrial Production (Oct)
- Pakistan: Central Government Debt (Oct)
- Hong Kong: Public Revenue/Expenditure (2013)
- more updates...
Economy in Brief
U.S. New Home Sales Improve; Prices Jump
New home sales during October edged up 0.7% m/m to 458,000 (1.8% y/y) following a 0.4% rise to 455,000 in September...
U.S. Durable Goods Orders Boosted by Defense Aircraft
New orders for durable goods rose 0.4% during October (+5.5% y/y) following a 0.9% fall in September...
U.S. Initial Claims for Jobless Insurance Jump; Unemployment Rate Falls to New Low
Initial claims for jobless insurance during the week ended November 22 jumped to 313,000 from 292,000 during the prior period...
U.S. Pending Home Sales Decline
Pending sales of single-family homes fell 1.1% last month (+2.2% y/y) following a little-revised 0.6% gain during September...
Italian Consumer Confidence in an Era of Radioactivity
Italy's consumer confidence indicator from ISAE fell in November to reach a nine-month low...
U.S. GDP Growth in Q3 Is Revised Higher; Profits Growth Slows
GDP grew 3.9% last quarter (2.4% y/y), revised up from the advance estimate of 3.5% growth...
by Tom Moeller November 26, 2014
Overall personal income increased 0.2% during October (4.1% y/y) after an unrevised 0.2% September rise. The increase disappointed expectations for a 0.4% improvement in the Action Economics Forecast Survey. Wages & salaries earnings improved 0.3% (4.4% y/y) while proprietors income jumped 0.5% (3.3% y/y). Rental income gained 0.4% (7.1% y/y) but personal transfer receipts slipped 0.1% (5.5% y/y), held back by a 0.4% decline (+14.1% y/y) in Medicare income. Earnings from dividends jumped 0.6% (5.1% y/y) but interest income fell 0.2% (+0.1% y/y), down for the fourth straight month. Disposable income increased 0.2% (3.9% y/y) and in real terms it ticked 0.1% higher (2.5% y/y).
Personal consumption expenditures increased 0.2% (3.6% y/y) following no change in September, revised from down 0.2%. A 0.3% increase had been expected. Motor vehicle purchases fell 1.7% (+7.0% y/y) following a 4.5% decline while spending on furnishings & durable household equipment improved 0.4% (2.6% y/y) after a 0.3% gain. Apparel purchases jumped 0.8% (2.0% y/y) after a 0.4% shortfall and spending on gasoline fell 2.0% (-4.7% y/y) with lower prices. Services spending added 0.3% (3.8% y/y) for a second month, driven by a 0.9% rise (6.9% y/y) in restaurants and accommodations. In constant dollars, overall spending increased 0.2% (2.2% y/y).
The equal gains in income and spending left the personal saving rate stable at 5.0%, though September's rate was revised down from 5.6%. Personal savings fell 0.4% (+10.5% y/y) following a 1.3% rise.
The chain price index nudged 0.1% higher last month (1.4% y/y), repeating a 0.1% uptick. Energy prices fell 2.0% (-1.9% y/y) while food prices were roughly unchanged (2.5% y/y). Durable goods prices also were roughly unchanged (-2.2% y/y) while nondurables prices fell 0.4% (+0.8% y/y). Gasoline prices declined 3.0% (-4.8% y/y). Services prices gained 0.2% (2.3% y/y). The price index excluding food & energy improved 0.2% (1.6% y/y) following three straight 0.1% upticks.
The personal income & consumption figures are available in Haver's USECON and USNA databases. The consensus expectation figure is in the AS1REPNA database.
|Personal Income & Outlays (%)||Oct||Sep||Aug||Y/Y||2013||2012||2011|
|Wages & Salaries||0.3||0.2||0.5||4.4||2.8||4.5||4.0|
|Disposable Personal Income||0.2||0.1||0.3||3.9||1.0||4.9||5.0|
|Personal Consumption Expenditures||0.2||0.0||0.5||3.6||3.6||3.7||4.8|
|Personal Saving Rate||5.0||5.0||4.9||4.7
|PCE Chain Price Index||0.1||0.1||-0.0||1.4||1.2||1.8||2.5|
|Less Food & Energy||0.2||0.1||0.1||1.6||1.3||1.8||1.5|
|Real Disposable Income||0.1||0.1||0.3||2.5||-0.2||3.0||2.5|
|Real Personal Consumption Expenditures||0.2||-0.0||0.6||2.2||2.4||1.8||2.3|