- Personal Income MoM (Released 8:30 EST)
- Personal Income YoY (Released 8:30 EST)
- Personal Income ALLX (Released 8:30 EST)
- Personal Consumption MoM (Released 8:30 EST)
- Personal Consumption YoY (Released 8:30 EST)
- PCE Deflator YoY (Released 8:30 EST)
- PCE Core MoM (Released 8:30 EST)
- PCE Core YoY (Released 8:30 EST)
Personal Income MoM (Aug)
Better than expected and prior month revised up a tenth. Fiscal packages don’t fade as quickly as the mainstream guesses.
Personal Income YoY (Aug)
Good enough to keep GDP muddling through, though the financial crisis could slow spending down some.
Personal Income ALLX (Aug)
Personal Consumption MoM (Aug)
Less than expected even though income holding up, and prior revised up a tenth. Income in excess of spending doesn’t usually persist.
Personal Consumption YoY (Aug)
On the soft side and continuing its gradual decline.
PCE Deflator YoY (Aug)
As expected and too high for Fed comfort.
PCE Core MoM (Aug)
PCE Core YoY (Aug)
Higher than expected, prior revised up a tenth, and looks to be breaking out. Not encouraging for the Fed. They want it below 2.0%.
- Nominal PCE unchanged in August after two consecutive declines.
- Real consumer spending tracking -2.0% (annualized) thus far in Q3.
- Inventory rebound should keep GDP positive in Q3.
- Core deflator up 0.2% m/m and 2.6% y/y.