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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Nominal personal income growth was as expected in Dec at 0.3% M/M after an unrevised 0.4% M/M, and with the same path on a disposable income basis.
- Nominal consumer spending meanwhile beat expectations at 0.7% M/M (cons 0.5) after an upward revised 0.4% (initial 0.2) although it’s less surprising after yesterday’s strength in Q4 data.
- Similarly, real consumption was seen at a solid 0.54% M/M after 0.46%. Service consumption is solid (0.26% after 0.38%) but strength recently has really been driven by goods (1.12% after 0.62%).
- With solid income growth being surpassed by an acceleration in consumption, the household savings ratio fell 0.4pps to 3.7% in Dec, pushing below September’s 3.8 for its lowest since Dec’22.
- On a quarterly basis, the 4.0% averaged in Q4 follows 4.2% in Q3 and 5.1% in Q2, i.e. a minor tailwind for consumption in Q4 after the stronger boost in Q3 (recall real consumption increased 2.8% in Q4 after 3.1% in Q3).
- The savings rate remains above mid-2022 sustained lows of around 3%, but remains far lower than pre-pandemic trends.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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