Personal Income and Outlays (October 2012)
Personal Income – Month/Month +0.0%
Consumer Spending – Month/Month -0.2%
PCE Price Index — Month/Month 0.1%
Core PCE price index – Month/Month 0.1%
Personal Income – Year/Year 3.1%
Consumer Spending – Year/Year 3.1%
PCE Price Index — Year/Year 1.7%
Core PCE price index – Year/Year 1.6%
Some of the disappointment in Consumer Spending which is the force that drives the economy was due to Sandy. If so, we will should see an offsetting gain in the next report. There should also be some increased spending as folks replace things destroyed by the storm. This includes big ticket items such as automobiles.
Chicago PMI (November 2012)
– Business Barometer Index 50.4. Previous was 49.9.
This moves the index from marginally contracting to marginally expanding. The Chicago PMI is not only about manufacturing but surveys other businesses as well.