Consumer Spending Stuck in 1st Gear.

International Trade in Goods  (February 2016)

– Deficit $62.9 billion.  Previous was $62.4 billion.

Both exports and imports were higher.

 

 

Personal Income and Outlays  (February 2016)

– Personal Income month/month  +0.2%. Previous was +0.5%
– Consumer Spending month/month +0.1%. Previous was +0.1%
– PCE Price Index month/month  -0.1%. Previous was +0.1%
– Core PCE price index month/month  +0.1%. Previous was +0.3%
– PCE Price Index year/year    +1.0%. Previous was +1.3%
– Core PCE price index year/year  +1.7%. Previous was +1.7%.

The disappointment here is that Consumer Spending for January was revised down from +0.5% to +0.1% and followed with another +0.1% in February.  Consumer Spending is what drives the economy.  Back-to-back gains of +0.1% represents an economy stuck in 1st gear.

 

 

Pending Home Sales Index (February 2016)

– Pending Home Sales Index month/month +3.5%. Previous was -2.5%.

These are Existing Home Sales.

 

Dallas Federal Reserve Manufacturing Survey (March 2016)

– Production Index  3.3. Previous was -8.5
– General Activity Index -13.6. Previous was -31.8

While things are “less worse” this is the 15th consecutive month of contraction of manufacturing in Texas.