Construction Spending Declines. Personal Income Clouded.

Personal Income and Outlays (January 2013)

– Personal Income  Month/Month -3.6%. Previous was +2.6%

– Consumer Spending  Month/Month 0.2%. Previous was +0.1%

– Personal Income Year/Year  2.2%. Previous was +6.9%

– Consumer Spending Year/Year  3.2%. Previous was +3.6%

– PCE Price Index  Month/Month  0.0%

– Core PCE price index  Month/Month  0.1%

The income data is essentially useless.  It tells us only that with income tax and social security taxes about to be hiked, people took income in December rather that January.

PCE is an inflation gauge and, as expected, was tame.

Construction Spending (January 2013)

– Construction Spending – Month/Month  -2.1%. Previous was +1.1%.

– Construction Spending – Year/Year 7.1%. Previous was +10.0%.

Spending on New Homes was up.  Commercial spending and renovations of residential property were down.

PMI Manufacturing Index (February 2013)

– Index was 54.3.  previous was 55.8.

ISM Manufacturing Index (February 2013)

– Index 54.2. Previous was 53.1.

The PMI and ISM Indices are apparently not talking to each other.