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Economy in Brief

U.S. Personal Income Rebounded
by Tom Moeller December 1, 2004

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).

Disposition of Personal Income Oct Sept Y/Y 2003 2002 2001
Personal Income 0.6% 0.2% 5.2% 3.2% 1.8% 3.5%
Personal Consumption 0.7% 0.6% 6.6% 5.2% 4.6% 4.7%
Savings Rate 0.2% 0.3% 1.5% 1.4% 2.0% 1.8%
PCE Chain Price Index 0.4% 0.1% 2.4% 1.9% 1.4% 2.1%
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