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August Personal Income -2.7%; PCE +1.0%

US DATA
MNI (Washington)
  • U.S. personal income fell 2.7% in August, below market expectations for a 2.5% drop, according to figures published Thursday by the Bureau of Economic Analysis. Personal income in July was up a revised 0.5% (prev 0.4%).
  • August's decline mainly reflected a decrease in unemployment insurance benefits, driven by the expiration of an added USD600 in weekly benefits at the end of July, the BEA said. That was partially offset by an increase in compensation, driven primarily by rising government wage and salary disbursement as temporary Census hiring ramped up.
  • July PCE rose 1.0%, above forecasts for a 0.8% gain. That reflected a a USD87.9 billion increase in spending for services, which was partially offset by a USD10.3 billion decline in spending for goods.
  • The PCE price index was up 0.3% in July, in line with market expectations. Excluding food and energy, the PCE price index was also up 0.3%.
  • From a year earlier, the PCE price index was up 1.4%. The core PCE price index increased 1.6% year-over-year.
MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
Energy BulletsCommodities
MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
Energy BulletsCommodities

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