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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 far stronger than expected in January at 1.0% M/M (cons 0.4) after 0.32%. Revisions were mostly offsetting: a slightly upward revised 0.32% in Dec (initial 0.26) followed downward revisions to Oct and Nov.
- It was boosted by personal dividend income after January’s equity rally, a 3.2% cost-of-living adjustment for Social Security recipients, and an increase in Affordable Care Act enrollments. Indeed, compensation of employees increased a more modest 0.40% M/M.
- However, and notably, disposable income growth held at 0.33% M/M after 0.30% in Dec (revised up from 0.25) as a 6% start-of-year increase in current taxes weighed heavily.
- As such, nominal spending growth was in line with expectations, easing to 0.23% M/M (cons 0.2) after a particularly strong 0.67% M/M.
- This pullback in spending growth was amplified in real terms, with overall spending falling -0.11% M/M after +0.55% M/M, driven by a sharp dip in goods consumption (-1.1% after +0.9%) whilst services consumption maintained its pace of 0.35% after 0.37% M/M.
- Against this backdrop, the household savings ratio increased a tenth to 3.8% but remains below the 4.0% averaged through Q4.
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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