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Economy in Brief
U.S. New Home Sales and Prices Strengthen
Sales of new single-family homes during March increased 4.0% (8.8% y/y) to 694,000 (SAAR)...
U.S. FHFA House Price Index Continues to Strengthen
The FHFA index of U.S. house prices rose 0.6% during February...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $2.80 per gallon last week (14.3% y/y)...
Italian Confidence Backtracks But Remains High-Valued As It Is for France and Germany
From Q1 2008 to date, Italian GDP actually has failed to grow and has declined by 5.8%...
U.S. Existing Home Sales & Prices Rise Again
The NAR reported that sales of existing homes increased 1.1% during March (-1.2% y/y) to 5.600 million units (AR)...
by Tom Moeller August 1, 2006
Personal income rose an expected 0.6% during June following an unrevised 0.4% increase in May. Earlier data reflected benchmark revision.
Wage & salary disbursements jumped 0.6% (6.9% y/y) in June following an unrevised no change the prior month. Strength was led by a 0.7% (7.9% y/y increase in private service-producing industry wages. Factory sector wages rose 0.3% (5.1% y/y) after an upwardly revised no change during May while earlier figures generally were revised up.
Higher interest rates boosted interest income by 1.7% (10.1% y/y) and dividend income jumped 1.0% (11.2% y/y).
Disposable personal income increased 0.6% (5.3% y/y) after a 0.4% rise in May. Personal taxes rose 1.0% (15.4% y/y).
Adjusted for price inflation, disposable personal income rose 0.4% (1.7% y/y) after an unrevised slight decline in May. Real disposable income per capita rose 0.3% (0.8% y/y).
Personal consumption again matched Consensus expectations for a 0.4% rise after an upwardly revised 0.6% May rise. Adjusted for price inflation spending rose 0.2% (2.6% y/y) for the third straight month.
The PCE chain price index rose an expected 0.2%. Less food & energy prices rose 0.2% (2.4% y/y). The expected increase was the fifth in the last six months.
The personal savings rate was again negative. Should the Decline in the Personal Saving Rate Be a Cause for Concern? from the Federal Reserve Bank of Kansas City is available here.
The Anxious Index, a measure of the probability of a recession in the U.S. economy, from the Federal Reserve Bank of Philadelphia is available here.
Disposition of Personal Income | June | May | Y/Y | 2005 | 2004 | 2003 |
---|---|---|---|---|---|---|
Personal Income | 0.6% | 0.4% | 6.5% | 5.2% | 6.2% | 3.2% |
Personal Consumption | 0.4% | 0.6% | 6.2% | 6.5% | 6.6% | 4.8% |
Savings Rate | -1.5% | -1.6% | -0.5% (June '05) | -0.4% | 2.0% | 2.1% |
PCE Chain Price Index | 0.2% | 0.4% | 3.5% | 2.9% | 2.6% | 2.0% |
Less food & energy | 0.2% | 0.2% | 2.4% | 2.1% | 2.0% | 1.4% |