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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
- Real personal spending disappointed in May, at just 0.0% M/M (cons 0.1) after a downward revised 0.2% (initial 0.5).
- Unrounded it was -0.03%, with real consumption contracting in three of the last four months in a very subdued run for Q2 coming after Q1 data was revised higher from an already strong base yesterday.
- The 3M/3M run rate hit 2.2% annualized in May (a flat June would see it at 0.8% annualized) after the 4.2% in Q1.
- On the nominal side, personal income increased 0.4% M/M (cons 0.3) in May with the beat offset by an April downward revision (0.3 from 0.4) but with further small upward revisions further back in Jan-Mar.
- Personal spending meanwhile was more clearly softer than expected, increasing 0.1% M/M (cons 0.2) after a downward revised 0.6% (initial 0.8).
- The combination helped push the household savings ratio back up 0.3pps to 4.6%. It's off the July low of 2.7% for its highest since Jan’22, but still at a level that slowly chips away at ‘excess savings’ accumulated through the pandemic.
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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