·
Personal income rebounded 0.6% in October from a light 0.2% gain the
month prior. Proprietors' income surged 1.9% (6.5%y/y) after declines
during the three prior months. Consensus expectations had been for a 0.5%
October rise in total income.
· Wages & salaries rose 0.6% (+5.1% y/y), the most for any one month since July. Strength reflected a 0.7% (6.0% y/y) gain in private service producing industry wages while manufacturing wages fell 0.2% (+2.4% y/y).
· Personal disposable income rose 0.6% (5.2% y/y). Adjusted for inflation disposable income gained 0.2% (2.7% y/y).
· "US Consumers and Electronic Banking, 1995-2003" from the Federal Reserve Board can be found here.
· Personal consumption again was
strong, up 0.7% following a 0.6% September rise. A 1.5% jump in
non-durable goods spending reflected higher prices for gasoline. Adjusted
for price inflation, total PCE rose 0.3% (4.1% y/y).
· The PCE chain price index rose 0.4%, the strongest monthly increase
since May. Less food & energy, prices edged up another 0.1% (1.5%
y/y).