Global| Dec 01 2004U.S. Personal Income Rebounded
by:Tom Moeller
|in:Economy in Brief
Summary
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 [...]
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% |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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