9/30/2022 – MetroIntelligence Economic Update by P. DUFFY
MetroIntelligence Economic Update by P. DUFFY
July consumer spending rises less than personal income
In July, personal income increased 0.2 percent, disposable personal income rose 0.2 percent and personal consumption expenditures (PCE) increased 0.1 percent, while the personal savings rate remained steady at 5.0 percent.
Inflation tracker PCE price index falls 0.1 percent in July, up 6.3 percent year-on-year
The PCE price index decreased 0.1 percent in July and was up 6.3 percent year-on-year, down from 6.8 percent in June. Excluding food and energy, the PCE price index increased 0.1 percent and was up 4.6 percent year-on-year, down from 4.8 percent in June.
Consumer sentiment rebounds 13.0 percent from July but down 17.2 percent year-on-year
The final August reading continued the early month improvement in consumer sentiment, rising 13.0% above July but remaining 17% below a year ago. Most of this increase was concentrated in expectations, with a 59% surge in the year-ahead outlook for the economy following two months at its lowest reading since the Great Recession. In addition, personal financial expectations rose 12% since July.