Personal Income – M/M change

January 31, 2008 at 11:33 pm | Posted in economy, USA | Leave a comment
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Personal Income – M/M change
Actual 0.5%
Consensus 0.4%
Consensus Range 0.2% to 0.5%
Previous 0.4 %
 
Consumer Spending – M/M change
Actual 0.2%
Consensus 0.1%
Consensus Range 0.0% to 0.3%
Previous 1.1 %

Highlights

Personal income in December remained healthy while inflation stayed a little on the high side. However, consumer spending slowed sharply. Personal income in December rose 0.5 percent, following a 0.4 percent boost in November. December’s gain came in just above the market forecast for a 0.4 percent increase. Within personal income, the all important wages and salaries component advanced 0.4 percent, following a 0.6 percent increase in November. Personal income on a year-on-year basis eased to up 5.8 percent in December from up 6.1 percent the previous month.[Chart]
Inflation moderated but stayed above the Fed’s comfort zone in December. The overall PCE price index increased 0.2 percent in December, after surging 0.6 percent in November. On an unrounded basis, the headline PCE price index rose 0.24847 percent in December, following a 0.56050 percent boost in November. The core PCE price index held steady at 0.2 percent in December but the core measure has been on the high side of 0.2 percent for the last three months. On an unrounded basis, the core PCE price index rose 0.22780 percent in December, following a 0.21527 percent increase the month before. The latest number matched the consensus forecast for a 0.2 percent increase. Year-on-year headline inflation edged down slightly but clearly is too strong for the Fed’s preferences, slipping to3.5_ percent in December from 3.6 percent in November. Core inflation held steady at 2.2 percent year-on-year in Decembe
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