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KBC News Picks
US: Personal spending shows second straight increase
Mon, Mar 30 2009, 07:06 GMT
by KBC Market Research Desk
KBC Bank | View company's profile
In February, (nominal) personal spending came out in line with expectations rising by 0.2% M/M. The previous figure was upwardly revised from 0.6% M/M to 1.0% M/M. Personal income dropped by 0.2% M/M, while a decline of 0.1% M/M was expected and the previous figure was downwardly revised to 0.2% M/M. After rising sharply in the previous months, the savings rate dropped somewhat (from 4.4% to 4.2%). The PCE deflator rose more than expected to 1.0% Y/Y (from 0.8% Y/Y). The second consecutive increase in personal spending might be a positive sign for first quarter consumer spending, but part of it might be due to rising oil prices, as real spending actually declined.
The final figure of March Michigan consumer confidence showed an upward revision from 56.6 to 57.3, while an outcome of 56.8 was expected. Both the economic conditions (63.3 from 62.3) and economic outlook (53.5 from 53.0) were upwardly revised compared to the first estimate. The upward revision might be due to the recent rebound in equities and less negative economic data, but in the coming months, consumer confidence is forecasted to remain weak due to rapidly rising unemployment.
EMU: Industrial orders down by 34.1% Y/Y
In January, industrial new orders dropped by 3.4% M/M, less than the expected 5.6% M/M decline, but the previous figure was sharply downwardly revised (from - 5.2% M/M to -8.0% M/M). The yearly figure came out weaker than expected falling by 34.1% Y/Y. Looking at the details, the decline was led by a 4.4% M/M drop in capital goods and a 2.3% M/M decline in non-durable consumer goods. The figures are however outdated and don’t contain much new information.
German consumer prices showed an unexpected drop in March. On a monthly basis, CPI dropped by 0.2% M/M, while a slight increase was expected (0.1% M/M). The yearly figure plunged from 1.0% M/M to 0.4% M/M, which indicates that (German) inflation is heading rapidly to negative territory after the slight uptick in February. It also suggests downward to the EMU HICP figures that will be released tomorrow.
Published on Mon, Mar 30 2009, 07:10 GMT
Archive
- EMU: Italian orders show first decline in 5 months
Published On Mon, Mar 22 2010, 08:43 GMT - US: CPI stayed flat in February restrained by energy
Published On Fri, Mar 19 2010, 08:08 GMT - US: PPI falls more than expected on energy
Published On Thu, Mar 18 2010, 08:26 GMT - US: Industrial production unexpectedly rose in February
Published On Tue, Mar 16 2010, 08:10 GMT - US: Core Retail sales surge, as the consumer kicks back
Published On Mon, Mar 15 2010, 08:36 GMT
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This non-exhaustive information is based on short-term forecasts for expected developments on the financial markets. KBC Bank cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct or consequential loss arising from any use of this document or its content. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. Although information has been obtained from and is based upon sources KBC believes to be reliable, KBC does not guarantee the accuracy of this information, which may be incomplete or condensed. All opinions and estimates constitute a KBC judgment as of the data of the report and are subject to change without notice.Interested in forex trading? forex brokerage firms!
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