August University of Michigan Confidence 82.5 vs 80 Expected Aug 29, 2014 09:55AM

August University of Michigan Confidence 82.5 vs 80 Expected


August Chicago Purchasing Manager 64.3 vs 56.5 Expected Aug 29, 2014 09:45AM

August Chicago Purchasing Manager 64.3 vs 56.5 Expected


Personal Income Growth Slows in July Amid Drop in Expenditures Aug 29, 2014 09:05AM

Personal income increased $28.6 billion, or 0.2 percent, and disposable personal income (DPI) increased $17.7 billion, or 0.1 percent, in July, according to the Bureau of Economic Analysis. (Consensus estimates were looking for a gain of 0.3 percent.) Personal consumption expenditures (PCE) decreased $13.6 billion, or 0.1 percent. In June, personal income increased $67.1 billion, or 0.5 percent, DPI increased $62.9 billion, or 0.5 percent, and PCE increased $50.5 billion, or 0.4 percent, based on revised estimates.

Real DPI increased 0.1 percent in July, compared with an increase of 0.3 percent in June. Real PCE decreased 0.2 percent, in contrast to an increase of 0.2 percent.

                                        2014
Mar. Apr. May June July
(Percent change from preceding month)
Personal income, current dollars 0.6 0.4 0.5 0.5 0.2
Disposable personal income:
Current dollars 0.6 0.5 0.5 0.5 0.1
Chained (2009) dollars 0.5 0.3 0.3 0.3 0.1
Personal consumption expenditures:
Current dollars 0.8 0.2 0.3 0.4 -0.1
Chained (2009) dollars 0.6 -0.1 0.1 0.2 -0.2

Wages and salaries

Private wages and salaries increased $12.9 billion in July, compared with an increase of $25.6 billion in June. Goods-producing industries' payrolls increased $0.7 billion, compared with an increase of $8.8 billion; manufacturing payrolls were unchanged in July and increased $5.1 billion in June. Services-producing industries' payrolls increased $12.3 billion in July, compared with an increase of $16.8 billion in June. Government wages and salaries increased $1.7 billion, compared with an increase of $1.8 billion.

Other personal income

Supplements to wages and salaries increased $3.7 billion in July, compared with an increase of $4.8 billion in June.

Proprietors' income decreased $2.7 billion in July, in contrast to an increase of $11.9 billion in June. Farm proprietors' income decreased $9.0 billion, in contrast to an increase of $6.7 billion. Nonfarm proprietors' income increased $6.3 billion, compared with an increase of $5.2 billion.

Rental income of persons increased $5.5 billion in July, compared with an increase of $3.6 billion in June. Personal income receipts on assets (personal interest income plus personal dividend income) increased $1.4 billion, compared with an increase of $13.0 billion. Personal current transfer receipts increased $8.1 billion, compared with an increase of $10.2 billion in June.

Contributions for government social insurance -- a subtraction in calculating personal income -- increased $2.0 billion in July, compared with an increase of $3.9 billion in June.

Personal current taxes and disposable personal income

Personal current taxes increased $10.9 billion in July, compared with an increase of $4.3 billion in June. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $17.7 billion, or 0.1 percent, in July, compared with an increase of $62.9 billion, or 0.5 percent, in June.

Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- decreased $12.0 billion in July, in contrast to an increase of $51.2 billion in June. PCE decreased $13.6 billion, in contrast to an increase of $50.5 billion.

Personal saving -- DPI less personal outlays -- was $739.1 billion in July, compared with $709.4 billion in June. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.7 percent in July, compared with 5.4 percent in June. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp.

Real DPI, real PCE, and price index

Real DPI -- DPI adjusted to remove price changes -- increased 0.1 percent in July, compared with an increase of 0.3 percent in June.

Real PCE -- PCE adjusted to remove price changes -- decreased 0.2 percent in July, in contrast to an increase of 0.2 percent in June. Purchases of durable goods decreased 0.6 percent, in contrast to an increase of 0.5 percent. Purchases of motor vehicles and parts accounted for most of the July decrease. Purchases of nondurable goods decreased 0.2 percent in July, in contrast to an increase of 0.3 percent in June. Purchases of services decreased 0.1 percent, in contrast to an increase of 0.1 percent.

The price index for PCE increased 0.1 percent in July, compared with an increase of 0.2 percent in June. The PCE price index, excluding food and energy, increased 0.1 percent in July, the same increase as in June.

Price index: percent change from month one year ago

The July price index for PCE increased 1.6 percent from July a year ago. The July PCE price index, excluding food and energy, increased 1.5 percent from July a year ago.

Revisions

Estimates for personal income and DPI have been revised for January through June; estimates for PCE have been revised for April through June. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for May and June -- revised and as published in last month's release -- are shown below.

Estimates of wages and salaries were revised from January through June. The revision to first-quarter wages and salaries reflect the incorporation of the most recently available BLS tabulations of first-quarter wages and salaries from the quarterly census of employment and wages. Revised estimates for April, May, and June reflect extrapolation from the revised first-quarter level of wages. In addition, revisions to May and June reflect revised BLS employment, hours, and earnings data for those months.

Change from preceding month
May June
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:
Current dollars 57.4 67.3 0.4 0.5 56.7 67.1 0.4 0.5
Disposable personal income:
Current dollars 55.0 65.8 0.4 0.5 51.5 62.9 0.4 0.5
Chained (2009) dollars 19.7 31.8 0.2 0.3 21.4 31.8 0.2 0.3
Personal consumption expenditures:
Current dollars 39.8 37.9 0.3 0.3 51.7 50.5 0.4 0.4
Chained (2009) dollars 8.3 8.5 0.1 0.1 23.8 22.8 0.2 0.2


BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to free e-mail summaries of BEA releases and announcements.


Personal Income 0.2% vs 03% Expected; Spending -0.1% vs 0.2% Aug 29, 2014 08:31AM

Personal Income 0.2% vs 03% Expected; Spending -0.1% vs 0.2%


Natural Gas Inventory 75 bcf vs 78 bcf Expected Aug 28, 2014 10:30AM

Natural Gas Inventory 75 bcf vs 78 bcf Expected

Traders are watching nat-gas futures and ETFs like United States Natural Gas (NYSE: UNG).


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