Free Markets, Free People
Economic Statistics for 30 Aug 12
The following US economic statistics were announced today:
Personal income rose 0.3% in July, while personal spending rose 0.4%. The PCE price index was unchanged at both the headline and core levels. Year-over-year, the PCE shows 1.3% inflation, with the core rate, which doesn’t count food or energy costs, at 1.6%.
Initial Jobless claims were unchanged at 374,000. The 4-week moving average rose slightly to 370,250. Continuing claims fell 5,000 to 3.316 million.
Following last month’s strong results, today’s sales reports from chain stores are good to mixed, and, on net, slightly higher than last month.
The Bloomberg Consumer Comfort Index remains weak, rising only 0.1 to -47.3, following a 6-week decline in the index.
The Kansas City Fed manufacturing index rose to 5 in July from 3 in June, indicating a slightly better growth rate. That headline hides some underlying weakness, however, as the production index fell from last month’s 12 to 2 in July. New orders are also declining, though at a slightly slower rate than last month, as the index rose to -4 from -7.