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Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
by Tom Moeller June 30, 2005
May personal income rose just 0.2% following a downwardly revised 0.6% gain the prior month. Consensus expectations had been for a 0.3% increase.
Wages & salaries rose a slim 0.1% (7.0% y/y) following the 0.7% pop in April. Wages in service producing industries rose 0.1% (8.3% y/y) after the 0.9% April gain but factory sector wages rose 0.3% (5.4% y/y) following a downwardly revised 0.4% April increase.
Disposable personal income rose 0.2% (5.5% y/y) following three months of 0.4% and 0.5% gain. When adjusted for price inflation take home pay rose 0.1% (3.2% y/y) for the second consecutive month.
Personal consumption was unchanged in May following a 0.6% increase in April due to the 4.5% m/m drop in light vehicle sales. Consensus expectations had been for a 0.1% rise. Spending on durables fell 1.8% (+3.7% y/y) and nondurables spending dipped 0.4% (+6.9% y/y) as gasoline prices fell. Spending on services rose 0.6% (5.6% y/y).
The PCE chain price index was unchanged with lower gas prices but less food & energy the 0.2% m/m increase was double the prior month's slim increase.
Lessons Learned from the Recent Business Cycle from Philadelphia Federal Reserve Bank President Santomero is available here.
| Disposition of Personal Income | May | April | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Personal Income | 0.2% | 0.6% | 6.7% | 5.8% | 3.2% | 1.8% |
| Personal Consumption | 0.0% | 0.6% | 5.7% | 6.0% | 5.2% | 4.6% |
| Savings Rate | 0.6% | 0.5% | 1.0% | 1.3% | 1.4% | 2.0% |
| PCE Chain Price Index | 0.0% | 0.4% | 2.2% | 2.2% | 1.9% | 1.4% |
| Less food & energy | 0.2% | 0.1% | 1.6% | 1.5% | 1.3% | 1.8% |
