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US: Personal income and expenditure slow down
Mon, Mar 31 2008, 07:34 GMT
by KBC Market Research Desk
Personal income rose a stronger than expected 0.5% M/M in February following an increase of 0.3% M/M in January. On an annual basis, income growth however slowed further down from 4.9% Y/Y in January to 4.6% Y/Y in February. Excluding the outliers, income growth is now at its slowest pace since 2003. Personal expenditure on the other hand rose a tepid 0.1% M/M in February following a stronger 0.4% M/M rise in January. The weakening in labour market conditions will weigh on both personal income and expenditure. The PCE came out in line with expectations.
The Michigan consumer confidence survey was revised down from a preliminary 70.5 to 69.5 in March. This puts the index on its lowest level since 1992 and suggests ongoing weak consumer spending.
EMU: German and Belgian CPI put risks on the upside for the EMU CPI
In Germany, the preliminary CPI data for March once again exceeded market expectations showing a larger than expected 0.5% M/M and 3.2% Y/Y increase. In Belgium, the CPI hit its highest level since 1985 at 4.39% Y/Y in March compared to 3.64% in February. The increase was still mainly due to higher energy and food prices. The data put the risk on the upside for today’s flash CPI, which was expected to come out at 3.3% Y/Y in March, unchanged from February.
The Bloomberg retail PMI report confirmed the growing divergences within the euro zone, as the PMI held on above the 50 mark in Germany (51.5 vs. 52.1) and France (53.3 vs. 58.8), but dropped dramatically in Italy (36.4 vs. 43.8). Although the correlation with consumer spending isn’t that strong, the declines in the retail PMI indicate that domestic demand is unlikely to completely offset the expected slowdown in external demand.
French consumer confidence dropped further in March to -36 from -35 previously, the nine consecutive monthly decline and the lowest level in more than 10 years.
Published on Mon, Mar 31 2008, 07:37 GMT
Archive
- US: Payrolls report disappoints in June
Published On Fri, Jul 3 2009, 07:38 GMT - US: ADP employment report disappoints in June
Published On Thu, Jul 2 2009, 08:14 GMT - US: Consumer confidence deteriorates in June
Published On Wed, Jul 1 2009, 07:22 GMT - EMU: economic confidence improves further in June
Published On Tue, Jun 30 2009, 07:37 GMT - US: personal income surges due to fiscal stimulus
Published On Mon, Jun 29 2009, 07:26 GMT
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