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Economy in Brief
Philadelphia Fed Factory Conditions Recover; Prices Surge
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rebounded to 25.7 during July...
U.S. Initial Unemployment Insurance Claims Hit Lowest Since 1969
Initial claims for unemployment insurance dropped to 207,000 during the week ended July 14...
Japan's Trade Deficit Swings Back to Surplus (Small Surplus)
Japan's early June trade results show a goods trade position having swung back to surplus in June from deficit in May...
U.S. Housing Starts Weaken Unexpectedly
Total housing starts declined 12.3% (-4.2% y/y) during June to 1.173 million (AR)...
U.S. Mortgage Loan Applications Reverse Earlier Increase
The MBA total Mortgage Applications Index declined 2.5% last week (-12.8% y/y)...
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% |
