Personal Income up, Spending down.
Personal Income and Outlays (July 2014)
– Personal Income month/month +0.2%. Previous was +0.5%
– Consumer Spending month/month -0.1%
– Personal Income Year/Year +4.3%. Previous was +4.1%
– Consumer Spending Year/Year +3.6%. Previous was +3.9%
PCE is an inflation gauge geared to consumer spending
– PCE Price Index month/month +0.1%
– Core PCE price index month/month +0.1%
– PCE Price Index Year/Year +1.6% – Core PCE price index Year/Year +1.5%
Personal Income growth was down but previous was revised upward. Lower Consumer Spending is of concern and was unexpected.
Chicago PMI (August 2014)
– Business Barometer Index 64.3. Previous was 52.6.
This is a survey index of manufacturers.
University of Michigan Consumer Sentiment (August 2014)
– Sentiment Index 82.5. Previous was 79.2.
This is supposed to measure consumer spending in the next 90 days.