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Economy in Brief
U.S. Empire State Manufacturing Index Plummets in August; Lowest Since May '20
The Empire State Manufacturing Index of General Business Conditions plunged to -31.3 in August...
U.S. Import and Export Prices Fall in July; Deepest Since April 2020
Import prices fell 1.4% m/m (8.8% y/y) in July...
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller March 31, 2005
Personal income rose 0.3% in February. The modest gain followed a 2.5% January decline in the wake of Microsoft's dividend payment. Consensus expectations had been for a 0.4% rise for February.
Disposable personal income rose 0.3% (5.6% y/y) but adjusted for price inflation rose just 0.1% (3.3% y/y).
Wage & salary income edged up just 0.2% (5.5% y/y) in February, one of the weaker gains of the last year. Wages in service producing industries rose 0.1% 6.0% y/y) and factory sector wages rose 0.2% (5.5% y/y).
Personal consumption rose an expected 0.5%. Durable goods spending rose 0.9% (3.7% y/y) and spending on nondurables rose 0.6%, lifted by a 4.3% jump in gasoline prices. Services spending rose 0.5% (5.2% y/y).
The PCE chain price index rose 0.3% in February but less food & energy inflation eased slightly to 0.2%
Disposition of Personal Income | Feb | Jan | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Personal Income | 0.3% | -2.5% | 5.8% | 5.6% | 3.2% | 1.8% |
Personal Consumption | 0.5% | 0.1% | 5.8% | 6.0% | 5.2% | 4.6% |
Savings Rate | 0.6% | 0.8% | 0.9% | 1.2% | 1.4% | 2.0% |
PCE Chain Price Index | 0.3% | 0.2% | 2.3% | 2.2% | 1.9% | 1.4% |
Less food & energy | 0.2% | 0.3% | 1.6% | 1.5% | 1.3% | 1.8% |