2/4: MetroIntelligence Economic Update by P. DUFFY

December construction spending fell 0.2 percent from November but up 5.0 percent year-on-year

Construction spending during December 2019 was estimated at a seasonally adjusted annual rate of $1,327.7 billion, down 0.2 percent from November but up 5.0 percent year-on-year.   The value of construction in 2019 was $1,303.5 billion, down 0.3 percent from the total spent in 2018.

https://www.census.gov/construction/c30/pdf/release.pdf

 

December personal income and spending growth both fell from November

Personal income growth fell by half between November and December (0.4 to 0.2 percent), while personal spending growth fell from 0.4 to 0.3 percent. The personal savings rate also declined slightly, falling from 7.8 to 7.7 percent of income.

https://www.bea.gov/news/2020/personal-income-and-outlays-december-2019

 

Inflation tracker PCE Price Index rose 0.3 percent in December and 1.6 percent year-on-year

The PCE Price Index rose 0.3 percent in December (1.6 percent year-on-year), after being flat in the late summer and starting to rise again in the fall. The ‘core’ rate (minus food and energy) edged up to 0.2 percent in December (also 1.6 percent year-on-year).

https://www.bea.gov/news/2020/personal-income-and-outlays-december-2019