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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
- Personal incomes were as expected in August as they increased a nominal 0.4% M/M after +0.2% in July.
- It did however mark a third consecutive month when disposable incomes increased by less than overall incomes, most recently rising only 0.2% M/M after 0.0%.
- It’s in contrast to a string of months when disposable income had come in stronger, helping lift the savings ratio in 1H23. With nominal spending since ramping up more recently, the savings ratio has declined to 3.9% although it remains above the Jul’22 low of 2.7% and late 2022 levels of circa 3% under the current data vintage.
- Note from a longer-term trend perspective, yesterday’s benchmark revisions saw a notably lower savings ratio through 2013-20, which has meant when running off pre-pandemic trends, the latest level of the savings ratio has been drawing down ‘excess savings’ at a slower pace than previously though.
- Keeping to methodology used by the Fed, we estimate a stock of excess savings still stood at $1T in Q2 for the theoretical concept (initially $0.7T), subtracting about $150B per quarter through 1H23.
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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