Personal Income Up +0.5% in December, Spending Unchanged

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Economic Update: Personal Income and Spending

Personal Incomes rose by +0.5% in December, which was above the consensus expectations for an increase of +0.4%.

The November level was unrevised at +0.1% (Oct: +0.4%,Sept: +0.1%, August: +0.1%, July: +0.1%, June: +0.1%, May: +0.2%, April: +0.4%, March: +0.4%, February: +0.5%, January: +1.0%, December: +0.4)

Personal Spending (now called “Consumption”) for the month was unchanged which was below the expectations for +0.1% and below the November reading of +0.1% (Oct: +0.1%, Sept: +0.7%, August: +0.2%, July: +0.7%, June: +0.2%, May: +0.1%, April: +0.4%, March: +0.5%, February: +0.9%, January: +0.2%, December: +0.5%).

The Core PCE (think inflation) came in with a gain of just +0.1% which was in line with expectation for +0.1%. On a year-over-year basis, the PCE was up +2.4%, which was a tenth higher than expectations for a reading of +2.3%

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